Securities Act

Under the Securities Act, the Financial Markets Administrative Tribunal may:

  1. Review decision made by a body described in section 71.1 relating to an accountant’s audit of the affairs of any person subject to this Act (art. 71.3); 
  2. Revoke or suspend the rights granted by registration, or impose restrictions or conditions on their exercise (s. 152).
  3. Prescribe a course of action to a person recognized under section 169 (exchange, clearing house, central securities depositary, settlement system, information processor, matching service utility or regulation services provider) where it considers it necessary for the proper operation of the person or for public protection (s. 172).
  4. In the context of a take-over bid or an issuer bid, restrain the distribution of a document, require an amendment to a document, require the distribution of an amended or corrected document, and direct a person to comply with the Act and its regulations (s. 233.2).
  5. At the request of the Autorité des marchés financiers, for the purposes of or in the course of an investigation, grant a freeze order (s. 249) and extend the order for a renewable period of 120 days (s. 250).
  6. At the request of the Autorité des marchés financiers, following a failure to comply with a requirement under securities legislation, order a remedial measure (see the list of measures in section 262.1) in order to remedy the situation or to deprive a person of the profit realized as a result of the non-compliance.
  7. Deny the benefit of an exemption contained in the Act or the regulations (s. 264).
  8. Order a person to cease any activity in respect of a transaction in securities (s. 265).
  9. Order a person to cease acting as an adviser or as an investment fund manager (s. 266).
  10. Prohibit or place restrictions on representations in view of a transaction in a particular security (s. 270).
  11. Reprimand a registrant or a self-regulatory organization (s. 273).
  12. Impose an administrative penalty, which may not exceed $2 000 000 for each contravention (s. 273.1).
  13. Impose on a person the obligation to repay to the Autorité des marchés financiers the cost of any inspection or investigation (art. 273.2).
  14. Prohibit a person from acting as a director or officer of an issuer, dealer, adviser or investment fund manager (s. 273.3).
  15. At the request of a person directly affected, review a decision rendered by the Autorité des marchés financiers, by a person referred to in sections 169 to 171 or by a recognized self-regulatory organization (exchange, clearing house, central securities depositary, settlement system, information processor, matching service utility or regulation services provider) (s. 322).
  16. Precise the application of the absolute presumption prescribed by section 308.2.1.2 (s. 308.2.1.5).