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

Section 115.9 Disposition versions

2016-07-18

115.9. Following a failure to comply with an obligation under this Act, the Authority may request the Financial Markets Administrative Tribunal to issue one or more of the following orders in order to remedy the situation or deprive a representative, a firm or other person or entity of the profit realized as a result of the non-compliance:

(1)  an order requiring a representative or firm or any other person or entity to comply with

(a)  any provision of this Act;

(b)  any decision of the Authority under this Act; or

(c)  any regulation, rule or policy of a self-regulatory organization, or any decision rendered by the self-regulatory organization on the basis of such a regulation, rule or policy;

(2)  an order directing a representative or firm or any other person or entity to submit to a review of practices and procedures and institute such changes as may be directed by the Authority;

(3)  an order rescinding any insurance- or annuity-related transaction entered into by a representative or firm or any other person or entity, and directing the representative, firm, other person or entity to refund any part of the money paid on entering into the transaction;

(4)  an order directing a representative or firm or any other person or entity to produce compliant financial statements or an accounting in such a form as may be determined by the Tribunal;

(5)  an order directing a legal person to hold a shareholders’ meeting;

(6)  an order directing a representative or firm or any other person or entity to rectify a register or other record;

(7)  an order directing a representative or firm or any other person or entity to disgorge to the Authority amounts obtained as a result of the non-compliance.

2011, c. 26, s. 20; 2016, c. 7, s. 179.

2011-11-30

115.9. Following a failure to comply with an obligation under this Act, the Authority may request the Bureau de décision et de révision to issue one or more of the following orders in order to remedy the situation or deprive a representative, a firm or other person or entity of the profit realized as a result of the non-compliance:

(1)  an order requiring a representative or firm or any other person or entity to comply with

(a)  any provision of this Act;

(b)  any decision of the Authority under this Act; or

(c)  any regulation, rule or policy of a self-regulatory organization, or any decision rendered by the self-regulatory organization on the basis of such a regulation, rule or policy;

(2)  an order directing a representative or firm or any other person or entity to submit to a review of practices and procedures and institute such changes as may be directed by the Authority;

(3)  an order rescinding any insurance- or annuity-related transaction entered into by a representative or firm or any other person or entity, and directing the representative, firm, other person or entity to refund any part of the money paid on entering into the transaction;

(4)  an order directing a representative or firm or any other person or entity to produce compliant financial statements or an accounting in such a form as may be determined by the Bureau;

(5)  an order directing a legal person to hold a shareholders’ meeting;

(6)  an order directing a representative or firm or any other person or entity to rectify a register or other record;

(7)  an order directing a representative or firm or any other person or entity to disgorge to the Authority amounts obtained as a result of the non-compliance.

2011, c. 26, s. 20.