Regulators in Quebec brought almost half the securities enforcement cases against individuals in Canada last year, according to a report published by the Autorité des marchés financiers on Thursday.
The integrated financial sector regulator sanctioned a total of 64 individuals and 38 firms for various offences in 2014, the AMF reports, and dished out more than $8.7 million in fines and penalties.
The most common offence prosecuted involved carrying out illegal distributions, the AMF reports, which generated 29 cases, involving 62 individuals and 12 firms. These activities also resulted in nine freeze orders issued against 28 individuals and 17 firms.
“Our investigation and prosecution teams work tirelessly to uncover financial misconduct,” says Louis Morisset, president and CEO of the AMF. “We’re doing our utmost to deliver a detection, investigation and prosecution program based on the highest standards in order to protect investors and deter offenders.”
The AMF generated 38% of all proceedings launched by securities regulators in Canada, the regulator reports, and it launched almost half of the securities enforcement proceedings against individuals.