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Business Quebec Superior Court Rulings Tax

Decision may grant tax authorities with much leeway

Quebec Superior Court overturned a ruling that held that the investigative methods used by federal and provincial tax authorities to investigate corruption in the Quebec construction industry were “highly reprehensible,” paving the way for Canada Revenue Agency and Revenue Quebec to once again pursue tax evasion inquiries that were put on hold for the past two years.

In a series of concurrent decisions, Quebec Superior court Justice Daniel Payette held that the investigation conducted by tax authorities did not contravene the leading Supreme Court of Canada decision in R. v. Jarvis, [2002] 3 SCR 757, which draws a distinctions between civil tax audits and criminal tax investigations.…

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Business Court of Quebec Quebec White-collar crimes

Montreal man ordered to pay largest fine ever issued for Quebec securities offences

A Montreal man was fined $11.2 million, the largest fine ever issued in Quebec for securities offences, and sentenced to a three-month jail sentence for fraudulent penny stock practices commonly referred to as “pump and dump” scheme.

Jean-François Amyot is among one of five people and two companies that plead guilty to charges laid against them by the Quebec financial watchdog, Autorité des marchés financiers, nearly three years ago during a trial earlier this year.…

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Business Internet Quebec

Quebec financial watchdog raids offices of man prohibited from promoting PlexCoin

The Quebec financial watchdog raided last week the offices of Dominic Lacroix, a Quebec City man who has been prohibited by a tribunal to promote and solicit investors for a new virtual currency called PlexCoin.

The raid turned up a list of people from around the world, including Quebec, the U.S., and Africa, who expressed an interest in investing in PlexCoin, said Sylvain Théberge, a spokesperson with the Autorité des marchés financiers (AMF), the regulatory and oversight body for Quebec’s financial sector.…

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Business Internet Quebec

Quebec financial watchdog considering its options over PlexCoin

Quebec’s financial watchdog is considering handing over the case involving Dominic Lacroix and his companies, who has been prohibited by a tribunal to promote and solicit investors for a new virtual currency called PlexCoin, to police authorities.

The Autorité des marchés financiers, the regulatory and oversight body for Québec’s financial sector, is also considering launching penal proceedings against Lacroix and his companies, said Sylvain Théberge, AMF’s spokesperson. Such proceedings would take place before the Court of Quebec, a provincial court.

“We are talking about thousands of persons who have shown an interest in this system,” said Théberge, adding that a decision as to whether to call in police or refer the matter for penal proceedings will take place this week. “We are extremely concerned. It seems to us, until the contrary is proven, that investors may become involved in a high-risk investment.”…

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Business

Fintech adoption in Canada doubles but still lags rest of world

Fintech adoption in Canada has doubled over the past two years but Canada still lags behind most of the world in adopting services from online financial providers.

Only 18 per cent of Canadian digitally active consumers have used two or more fintech services in the last six months, compared to 33 per cent globally, according to Ernst & Young LLP’s 2017 FinTech Adoption index.

Canadians haven’t used a fintech because they likely don’t know of any, according to the study. Twenty-two per cent of respondents reported they had not heard of any fintech. That remains however a significant improvement over two years ago when nearly one in two Canadians professed ignorance about fintechs.

But there are other reasons why Canadians have not taken to fintechs like elsewhere.…

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Business Internet Quebec Rulings

New virtual currency targeted by Quebec financial watchdog

The Quebec Financial Markets Administrative Tribunal issued a series of expansive ex parte orders prohibiting Dominic Lacroix and several of his companies from promoting and soliciting investors for a new virtual currency set to be launched.

The Tribunal, at the request of Quebec’s financial watchdog, issued a broad order barring Lacroix, DL Innov inc., Gestio inc., PlexCorps, and PlexCoin from engaging in activities for the purpose of directly or indirectly trading in any form of investment covered by the section 1 of the Quebec Securities Act, either in Quebec or from Quebec to outside of the province. Section 1 describes a wide range of forms of investment, including securities, instruments, deposits of money, shares in an investment club, and options or non-traded derivatives.

The Tribunal also ordered them to pull out advertisements or solicitations on the internet over any securities or investment vehicles, and to shut down the site plexcorps.com and plexcoin.com – or at the very least make them inaccessible to Quebec consumers.

The Tribunal also ordered Facebook Canada Ltd. to shut down the Facebook pages of PlexCorps and PlexCoin. Facebook declined to comment. "We can’t share details about cases," said a spokesperson.…

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Employment & Labour Law Quebec Spotlight

Quebec government expected to impose labour agreement on its lawyers and notaries

The Quebec government is expected to impose a labour agreement on government lawyers and notaries that will give them the lowest salary hike of all Quebec public civil servants after months of negotiations with a mediator failed to find common ground.

Without a collective agreement since March 2015, Quebec ‘s 1,100 government lawyers and notaries held the longest Canadian strike by public civil servants, from October 2016 to March 1, 2017, before it was forced to back to work after the government passed an unusual back-to-work decree.…

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Financial services White-collar crimes

Desjardins Financial Security Services fined $200,000 by regulator

Desjardins Financial Security Services Inc. has been fined $200,000 and costs of $25,000 following a settlement agreement reached with the Mutual Fund Dealers Association of Canada over its failure to conduct a reasonable supervisory investigation on one of its former representatives who misappropriated $3.7 million from several clients.…

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Business Canada

UN panel calls on Canada to appoint extractive sector ombudsperson

An independent, well-resourced office for an ombudsperson that can investigate allegations and enforce orders on Canadian extractives’ overseas operations should be established by the federal government to provide effective remedies in a timely and inexpensive manner, recommends a United Nations working group on business and human rights.

The proposal is one of several made by the UN panel to ensure that federal and provincial governments strengthen access to both judicial and non-judicial remedial mechanisms to victims of human rights abuses.…

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Aboriginal law Business Canada

Federal and provincial governments need to demonstrate “stronger engagement” towards duty to consult, says UN panel

Federal and provincial governments "need" to demonstrate a “stronger engagement” towards conducting meaningful consultations with indigenous communities, according to a United Nations working group on business and human rights.

The duty to consult takes on added weight given that extensive mining and oil and gas extraction in several indigenous territories is “accompanied” by significant adverse environment impacts that affect the right to health, added the UN panel.…

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