Enforcement Report FY 2021-2022 - Growth in enforcement activities in a constantly changing environment
Montréal – The Autorité des marchés financiers ("AMF") today published its Enforcement Report This link will open in a new window for the 2021-2022 fiscal year. The report underscores, among other things, the role of new technology tools in increasing the AMF’s enforcement activities and the organization’s proactive approach to the current hype around cryptoassets.
“Despite being faced with increasingly complex matters and schemes, the AMF has achieved tangible results in the courts. The AMF has also taken significant steps to protect investors, including obtaining a number of urgent conservatory measures to halt illegal activities on the Internet and social media,” said AMF President and CEO Louis Morisset.
“The AMF has consolidated technological advances undertaken in the past few years, enhancing its ability to detect violations of the laws and regulations it administers. The AMF also has a team of data science specialists to help it counter increasingly sophisticated and disruptive violations,” added Jean-François Fortin, AMF Executive Director, Enforcement.
Initiatives to raise awareness about cryptoasset risks
Over the past year, cryptoassets were at the centre of the AMF's concerns and actions. In 2021, the AMF received nine times as many reports of attempted fraud involving cryptoassets as in 2020. The vast majority of these cases involved well-structured, highly organized networks, most operating from outside Canada. The AMF implemented many financial education initiatives, including three awareness campaigns focused on cryptoasset fraud risks.
New on the website
The AMF added two new pages to its website:
- Investor warnings
This page lists all the warnings issued by the AMF and the names of all the websites, companies and individuals who have solicited Québec consumers without being registered with the AMF and whose activities are high-risk. In the past year alone, the AMF has added 160 names to the list, most related to cryptoasset trading platforms.
- Cryptoasset trading platforms registered with the AMF
This page lists the names of AMF-registered platforms that provide investors with the opportunity to buy and sell cryptoassets. You should always check that individual contacting you and the cryptoasset trading platform you use are registered with the AMF.
The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.
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