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.
All posts tagged: Autorité des marchés financiers
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.
Quebec regulates virtual currency ATMs and trading platforms
In a move that caught the business and legal community by surprise, Quebec became the first jurisdiction in Canada to regulate the digital currency sector by requiring businesses that operate virtual currency automated teller machines or trading platforms to obtain a licence to operate in the province.
Risk management advisors must be registered with the provincial securities regulator, says court
Independent risk management advisors must be registered with the provincial securities regulator in order to carry on advisory activities related to insurance product offerings, following a precedent-setting ruling by the Court of Quebec.
Investors delighted but insurers concerned
A ruling that ordered an insurance company to pay $460,000 to a Quebec couple raises questions over the scope of professional liability insurance coverage.
Quebec first province to regulate money-services industry
A recently passed bill that made Quebec the first province to regulate the money-services industry has elicited mixed reactions.
New indemnity fund proposed following out-of-court settlement in Norbourg class-action
Days after an agreement in principle was reached in the Norbourg class action suit, opening the door for thousands of investors to recover nearly all the money they lost in one of the biggest investment frauds in the country, questions surrounding the efficacy and scope of investor protection provided by the debt-ridden indemnity fund overseen by Quebec’s financial watchdog have surfaced.
Investor complaints rising
A growing number of investors faced with the prospect of shrinking investment portfolios are lodging complaints with provincial and federal bodies that oversee the investment community.