The Autorité des marchés financiers reports that the Québec National Assembly has adopted legislation (Bill 72) giving it tougher enforcement powers.

The bill empowers the AMF to impose administrative monetary penalties in the case of insider reports that are not filed or which are filed late. These penalties are in addition to the publication of the names of late filers and possible court action. As well, the maximum fine is increased to $5 million.

This legislation also makes it possible to force financial intermediaries to set up compliance training programs and encourages the communication of confidential information as part of the fight against economic crime.

“The adoption of this bill gives the AMF additional powers to enhance its mission to protect Quebec consumers of financial products and services”, said Jean St-Gelais, the AMF’s president and CEO. “We welcome the initiative of the Quebec Minister of Finance, Yves Séguin, who with this bill has strengthened Quebec’s financial legislation and enhanced investor protection.”