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

Section 258 Disposition versions

2024-05-09

258. A financial services compensation fund is hereby established under the name “Fonds d’indemnisation des services financiers”.

The fund shall be assigned to the payment of indemnities payable to victims of fraud, fraudulent tactics or embezzlement in relation to financial products and services provided or offered by representatives, firms, independent representatives, independent partnerships, mutual fund dealers or scholarship plan dealers registered in accordance with Title V of the Securities Act (chapter V-1.1) or a representative of such dealers, regardless of the sector or class of sectors in which they are authorized to act under their certificate or registration.

The suspension or cancellation of the certificate or registration of a person or partnership referred to in the second paragraph who is responsible for fraud, fraudulent tactics or embezzlement does not deprive the victim of the right to the indemnity provided for in the second paragraph if

(1)  the victim was doing business with the person or partnership before the suspension or cancellation of their certificate or registration; and

(2)  the fraud, fraudulent tactics or embezzlement occurred within two years after the cancellation or after the beginning of the suspension.

1998, c. 37, s. 258; 2002, c. 45, s. 424; 2009, c. 25, s. 81; 2018, c. 23, s. 569; 2024, c. 15, s. 132.

2018-06-13

258. A financial services compensation fund is hereby established under the name “Fonds d’indemnisation des services financiers”.

The fund shall be assigned to the payment of indemnities payable to victims of fraud, fraudulent tactics or embezzlement in relation to financial products and services provided or offered by representatives, firms, independent representatives, independent partnerships, mutual fund dealers or scholarship plan dealers registered in accordance with Title V of the Securities Act (chapter V-1.1) or a representative of such dealers, regardless of the sector or class of sectors in which they are authorized to act under their certificate or registration.

The suspension or cancellation of the certificate of a representative responsible for fraud, fraudulent tactics or embezzlement or of such a representative’s right to transact business does not deprive the victim of the right to the indemnity provided for in the second paragraph if

(1)  the victim was doing business with the representative before the suspension or revocation; and

(2)  the fraud, fraudulent tactics or embezzlement occurred in the two years after the revocation or after the beginning of the suspension.

The same applies to the cancellation and suspension of a firm’s independent representative’s or independent partnership’s registration.

1998, c. 37, s. 258; 2002, c. 45, s. 424; 2009, c. 25, s. 81; 2018, c. 23, s. 569.

2009-09-28

258. A financial services compensation fund is hereby established under the name “Fonds d’indemnisation des services financiers”.

The fund shall be assigned to the payment of indemnities payable to victims of fraud, fraudulent tactics or embezzlement for which a firm, an independent representative, an independent partnership or a mutual fund dealer or scholarship plan dealer registered in accordance with Title V of the Securities Act (chapter V-1.1) is responsible.

1998, c. 37, s. 258; 2002, c. 45, s. 424; 2009, c. 25, s. 81.

2004-02-01

258. A financial services compensation fund is hereby established under the name “Fonds d’indemnisation des services financiers”.

The fund shall be assigned to the payment of indemnities payable to victims of fraud, fraudulent tactics or embezzlement for which a firm, an independent representative or an independent partnership is responsible.

1998, c. 37, s. 258; 2002, c. 45, s. 424.

1999-02-24

258. A financial services compensation fund is hereby established under the name “Fonds d’indemnisation des services financiers”.

1998, c. 37, s. 258.