D-9.2 - Act respecting the distribution of financial products and services

Section 115 Disposition versions

2024-05-09

115. If it is brought to the knowledge of the Financial Markets Administrative Tribunal that a firm, any of its directors or officers, or a representative has, by an act or omission, contravened or aided in the contravention of a provision of this Act or the regulations, or that it is necessary in order to protect the public, the Tribunal may, once the facts have been established, cancel, revoke or suspend the firm’s or the representative’s registration or certificate or subject it to restrictions or conditions.

Likewise, if it is brought to the knowledge of the Tribunal that a person has, by an act or omission, contravened or aided in the contravention of a provision of this Act or the regulations, the Tribunal may impose an administrative penalty not exceeding $2,000,000 for each contravention or, in the case of a contravention of the rules of ethics applicable to mortgage brokers determined by regulation under section 202.1, an administrative penalty of not less than $2,000 and not more than $50,000 for each contravention.

For the purposes of the first and second paragraphs, before making a request to the Tribunal, an interested person within the meaning of section 93 of the Act respecting the regulation of the financial sector (chapter E-6.1) must notify the Authority and obtain confirmation from the Authority that it does not itself intend to make such a request. The Authority must inform the interested person in writing of its decision within 10 days after being notified.

1998, c. 37, s. 115; 2002, c. 45, s. 499; 2004, c. 37, s. 90; 2009, c. 58, s. 57; 2011, c. 26, s. 20; 2016, c. 7, s. 179; 2018, c. 23, ss. 537 and 811; 2024, c. 15, s. 119.

2020-05-01

115. If it is brought to the knowledge of the Financial Markets Administrative Tribunal that a firm, any of its directors or officers, or a representative has, by an act or omission, contravened or aided in the contravention of a provision of this Act or the regulations, or that it is necessary in order to protect the public, the Tribunal may, once the facts have been established, cancel, revoke or suspend the firm’s or the representative’s registration or certificate or subject it to restrictions or conditions.The Tribunal may also impose an administrative penalty not exceeding $2,000,000 for each contravention, except for a contravention of the rules of ethics determined by regulation under section 202.1 that are applicable to mortgage brokers, in which case the administrative penalty is not less than $2,000 and not more than $50,000 for each contravention.

For the purposes of the first paragraph, before making a request to the Tribunal, an interested person within the meaning of section 93 of the Act respecting the regulation of the financial sector (chapter E-6.1) must notify the Authority and obtain confirmation from the Authority that it does not itself intend to make such a request. The Authority must inform the interested person in writing of its decision within 10 days after being notified.

1998, c. 37, s. 115; 2002, c. 45, s. 499; 2004, c. 37, s. 90; 2009, c. 58, s. 57; 2011, c. 26, s. 20; 2016, c. 7, s. 179; 2018, c. 23, ss. 537 and 811.

2018-07-13

115. If it is brought to the knowledge of the Financial Markets Administrative Tribunal that a firm, any of its directors or officers, or a representative has, by an act or omission, contravened or aided in the contravention of a provision of this Act or the regulations, or that it is necessary in order to protect the public, the Tribunal may, once the facts have been established, cancel, revoke or suspend the firm’s or the representative’s registration or certificate or subject it to restrictions or conditions. The Tribunal may also, in all cases, impose an administrative penalty not exceeding $2,000,000 for each contravention.

For the purposes of the first paragraph, before making a request to the Tribunal, an interested person within the meaning of section 93 of the Act respecting the regulation of the financial sector (chapter E-6.1) must notify the Authority and obtain confirmation from the Authority that it does not itself intend to make such a request. The Authority must inform the interested person in writing of its decision within 10 days after being notified.

1998, c. 37, s. 115; 2002, c. 45, s. 499; 2004, c. 37, s. 90; 2009, c. 58, s. 57; 2011, c. 26, s. 20; 2016, c. 7, s. 179; 2018, c. 23, s. 811.

2016-07-18

115. If it is brought to the knowledge of the Financial Markets Administrative Tribunal that a firm, any of its directors or officers, or a representative has, by an act or omission, contravened or aided in the contravention of a provision of this Act or the regulations, or that it is necessary in order to protect the public, the Tribunal may, once the facts have been established, cancel, revoke or suspend the firm’s or the representative’s registration or certificate or subject it to restrictions or conditions. The Tribunal may also, in all cases, impose an administrative penalty not exceeding $2,000,000 for each contravention.

For the purposes of the first paragraph, before making a request to the Tribunal, an interested person within the meaning of section 93 of the Act respecting the Autorité des marchés financiers (chapter A-33.2) must notify the Authority and obtain confirmation from the Authority that it does not itself intend to make such a request. The Authority must inform the interested person in writing of its decision within 10 days after being notified.

1998, c. 37, s. 115; 2002, c. 45, s. 499; 2004, c. 37, s. 90; 2009, c. 58, s. 57; 2011, c. 26, s. 20; 2016, c. 7, s. 179.

2011-11-30

115. If it is brought to the knowledge of the Bureau de décision et de révision that a firm, any of its directors or officers, or a representative has, by an act or omission, contravened or aided in the contravention of a provision of this Act or the regulations, or that it is necessary in order to protect the public, the Bureau may, once the facts have been established, cancel, revoke or suspend the firm’s or the representative’s registration or certificate or subject it to restrictions or conditions. The Bureau may also, in all cases, impose an administrative penalty not exceeding $2,000,000 for each contravention.

For the purposes of the first paragraph, before making a request to the Bureau, an interested person within the meaning of section 93 of the Act respecting the Autorité des marchés financiers (chapter A-33.2) must notify the Authority and obtain confirmation from the Authority that it does not itself intend to make such a request. The Authority must inform the interested person in writing of its decision within 10 days after being notified.

1998, c. 37, s. 115; 2002, c. 45, s. 499; 2004, c. 37, s. 90; 2009, c. 58, s. 57; 2011, c. 26, s. 20.

2009-12-04

115. The Authority may request the Bureau de décision et de révision to cancel a firm’s registration for a given sector, suspend registration or subject it to restrictions or conditions if, in its opinion, the firm is not complying with this Act or the regulations, or if necessary in order to protect the public. The Authority may also request the Bureau to impose a penalty not exceeding $2,000,000 on the firm.

The Authority may suspend a firm’s registration, subject it to restrictions or conditions or impose an administrative monetary penalty not exceeding $5,000 on the firm, if it does not comply with section 81, 82, 83 or 103.1 or fails to file documents as required by regulation. The Authority may also cancel a firm’s registration if it does not comply with section 82 or with section 81, 83 or 103.1 if it is not the first instance of non-compliance.

1998, c. 37, s. 115; 2002, c. 45, s. 499; 2004, c. 37, s. 90; 2009, c. 58, s. 57.

2004-12-17

115. The Authority may cancel a firm’s registration for a given sector, suspend registration or subject it to restrictions or conditions, where it considers that the firm is failing to comply with the provisions of this Act or the regulations, or where necessary in order to protect the public.

The Authority may also impose a penalty on the firm up to an amount not exceeding $100,000.

1998, c. 37, s. 115; 2002, c. 45, s. 499; 2004, c. 37, s. 90.

2004-02-01

115. The Agency may cancel a firm’s registration for a given sector, suspend registration or subject it to restrictions or conditions, where it considers that the firm is failing to comply with the provisions of this Act or the regulations, or where necessary in order to protect the public.

The Agency may also impose a penalty on the firm up to an amount not exceeding $100,000.

1998, c. 37, s. 115; 2002, c. 45, s. 499.

1999-10-01

115. The Bureau may cancel a firm’s registration for a given sector, suspend registration or subject it to restrictions or conditions, where it considers that the firm is failing to comply with the provisions of this Act or the regulations, or where necessary in order to protect the public.

The Bureau may also impose a penalty on the firm up to an amount not exceeding $100,000.

1998, c. 37, s. 115.