Financial services
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Court deems COVID-19 measures a “misfortune”
There is no doubt that the measures put in place by the federal and provincial governments are a “misfortune.” Continue reading
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Insurer loses battle against Quebec tax authorities
Insurer loses battle against Quebec tax authorities. Continue reading
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Quebec must compensate worker who became handicapped even though he worked under the table
The Quebec government has been ordered to provide lifetime benefits based on the salary a 25-year old man was earning while working under the table before he was struck by a bullet and became invalid. Continue reading
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Bank ordered to pay nearly $50,000 in damages
“TD Bank’s litigation strategy seems to have been inspired by a treatise that advises banks not to explain their reasons for closing accounts because that give clients less to attack in court,” held a Quebec Superior Court Justice. Continue reading
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Quebec financial regulator cracking down on illicit money-services businesses
Quebec’s financial watchdog is cracking down on businesses that illegally run a money-services business. Continue reading
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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… Continue reading
Tags: fintech -
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… Continue reading
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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. Continue reading
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Nearly $8.8 million in monetary sanctions imposed in 2016 for Quebec securities offenses
When Judge Réna Émond of the Court of Québec imposed just before the Christmas holidays fines totaling $120,000 on Danny Gagné and ISpeedzone Inc. for illegal practice as a securities dealer, it wrapped up a good year for Quebec’s financial watchdog. Nearly $8.8 million in fines and administrative penalties were imposed on 158 individuals and… Continue reading
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Anti-Money Laundering regulations: FINTRAC issues guidance
Six months after new anti-money laundering regulations were introduced, Canada’s financial intelligence group issued new guidelines dealing with so-called politically exposed persons and heads of international organizations. The amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, published in June 2016 in the Canada Gazette, are arguably the most important changes to… Continue reading
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OSFI’s operational risk guidelines puts pressure on financial institutions
Many financial institutions, already grappling with growing regulatory demands, will find it challenging to implement a new operational risk management framework imposed by the federal financial watchdog by next summer, according to financial services experts. Continue reading
Tags: banking