Québec’s finance minister announced that the province has tightened the regulation of the financial sector with the passage of a package of legislative amendments.

One of the basic legislative changes codifies the power of judges to impose consecutive prison terms in Québec.

“Society is demanding tougher penalties that can dissuade potential law-breakers from violating regulations set up to protect the public. That is true in many fields, and even more so in the financial sector,” said Finance minister Raymond Bachand.

“Financial fraud can have dramatic and irreversible consequences for victims. Our message is clear, these regulations must be followed and those who fail to do so will suffer the consequences,” he added.

Additionally, several other statutes are being amended to: regulate credit rating agencies; give the Autorité des marchés financiers the same powers as the Canada Deposit Insurance Corp. allowing it to intervene in registered deposit-taking institutions with solvency problems; specify the regulation of foreign insurers doing business in Québec; increase the sanctions stipulated in financial sector laws to foster enhanced compliance with regulations; and, to regulate the sale of automobile replacement guarantees.

“By passing an Act to amend various legislative provisions principally to tighten the regulation of the financial sector, Québec is reacting promptly to bolster protection and public confidence,” Bachand said.