On December 14, 2015, Judge Chantal Tremblay of the Superior Court, district of Montréal, ruled in favour of the AMF, which had notified Valmart Express Multiservices ("Valmart") in February 2015 of its refusal to issue a money-services business licence.
This ruling is significant because it is the first one handed down following an application for judicial review filed after a refusal to issue a licence under the Money-Services Businesses Act This link will open in a new window (the "Act").
The AMF had refused to issue this licence due to the lack of good moral character of Valmart and its officers. Dissatisfied, Valmart and its officers appealed the AMF's decision to the Superior Court. In her decision, Judge Tremblay concluded that the AMF has the expertise required to determine the good moral character and integrity of a business pursuant to the Act.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.