AMF imposed almost $9 million in penalties last year

The Autorité des marchés financiers (AMF) has released its 2014 enforcement report. A total of 64 individuals and 38 firms were sanctioned for various offences, and $8,708,753 in fines, penalties and sanctions were imposed further to AMF intervention.

Read: OSC handed out 2 jail terms in 2014

Illegal distributions were the most common type of offence prosecuted in 2014 in Québec, with 29 suits brought against 62 individuals and 12 firms, and nine freeze orders issued against 28 individuals and 17 firms on account of suspicious distribution activities.

The report contains other noteworthy data: AMF investigation and prosecution teams generated more than one third (38%) of all securities-related proceedings launched by securities regulators in Canada—40 out of 105 proceedings.

Moreover, close to 50% of all securities-related proceedings against individuals in Canada were launched by the AMF (46%). As well, 18 of the 48 illegal practice cases concluded by securities regulators in Canada were based in Québec (38%).

Of the 85 individuals and firms targeted by cease trade and/or freeze orders, 45 were involved in proceedings launched by the AMF (53%).

Also read:

Firms must monitor advisors and clients: IIROC report

OBSI’s scorecard for 2014

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.