Montréal – An Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions (S.Q. 2018, c. 23), passed on June 13, 2018, extended the coverage of the Fonds d’indemnisation des services financiers (financial services compensation fund), which is administered by the Autorité des marchés financiers (AMF).

Subject to the other criteria set out in legislation, victims of fraud committed by certified representatives or registered firms can now be compensated even if the party at fault offered a financial product or service they were not authorized to offer. The transaction in dispute must, however, cover a financial product or service that can generally be offered by a financial sector professional.

In addition, the extended coverage applies retroactively to June 12, 2015 for victims of fraud who could not be compensated as a result of the limitations of the fund’s previous coverage. Under these circumstances, the AMF invites all persons who became aware of fraud committed against them between June 12, 2015 and June 13, 2018 to file a compensation claim with the AMF if they have not already done so. Claims must be filed before June 13, 2019.

The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.

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