Quebec’s financial watchdog is cracking down on businesses that illegally run a money-services business.
Continue reading “Quebec financial regulator cracking down on illicit money-services businesses”
News about Quebec legal developments
Quebec’s financial watchdog is cracking down on businesses that illegally run a money-services business.
Continue reading “Quebec financial regulator cracking down on illicit money-services businesses”
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.
Continue reading “New virtual currency targeted by Quebec financial watchdog”
But the recently published amendments to the Policy Statement of the Money Services Businesses Act (Act) by Quebec’s financial watchdog has drawn criticism from industry observers who assert that it is brimming with ambiguities and risks hindering the burgeoning digital currency industry.
Continue reading “Quebec regulates virtual currency ATMs and trading platforms”
Quebec’s financial and insurance sectors are now worried over the impact of a Quebec Court of Appeal unanimous decision that declared inoperative clauses excluding gross negligence in professional liability insurance policies under the Act respecting the distribution of financial products and services (ADFPS). Law insurance experts are speculating that the finding may have a reach beyond the ADFPS, and affect professional liability insurance policies held by the indemnity funds of Quebec’s 44 professional corporations, including the Barreau du Québec. The Quebec legal society declined to comment.
Continue reading “Investors delighted but insurers concerned”
Continue reading “Quebec first province to regulate money-services industry”
A group of investor advocates, financial professionals, and the body that oversees financial professionals in Quebec are beckoning the provincial government to cast a critical eye on the financial services compensation fund administered by the Autorité des marchés financiers (AMF), a call that Quebec Finance Minister Raymond Bachand seems to have heard. The finance minister recently requested the securities regulator to “see if something different should be put in place, how it should be done, while listening to industry.”
The federal Ombudsman for Banking Services and Investments (OBSI) and the Quebec Chambre de la sécurité financière are reporting dramatic increases in investor complaints since the beginning of the year while Quebec’s financial watchdog, the Autorité des marchés financiers (AMF), has received a surging number of calls requesting information over investment products.