Montréal - Under new provisions introduced into the Québec Securities Act, certain decisions issued by, or agreements with, securities regulatory authorities in another province or territory of Canada will apply automatically in Québec.
The aim of these important amendments is to increase the timeliness and efficiency of the current Canada-wide reciprocity regime governing compliance decisions and agreements. Under the amended regime, any decision issued by or agreement made with a securities regulator in Canada imposing sanctions, conditions, restrictions or requirements on an individual or a firm will take effect automatically in Québec as if issued by or made with the Autorité des marchés financiers (AMF) or the Bureau de décision et de révision, based on their respective jurisdictions.
Similarly, where a decision or agreement is amended by a securities regulatory authority of Canada, the amendment, or revocation, will also apply automatically in Québec.
"These new measures are intended primarily to prevent individuals or firms who have had restrictions imposed on them on account of offences in another province or territory of Canada from being able to commit an offence in Québec," said AMF President and CEO Louis Morisset. "This initiative complements the efforts of the Canadian Securities Administrators to enhance means of protecting investors and consumers of financial products and services and ensure market efficiency."
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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