The Autorité des marchés financiers ordered almost $82 million in monetary sanctions in enforcement cases last year, the Quebec regulator revealed Friday.

The AMF said that it obtained total monetary sanctions of $81,577,901 in 2009; $76.8 million of which was accounted for by administrative penalties imposed in the asset-backed commercial paper settlement. Additionally, the AMF obtained fines totalling more than $2.8 million.

During the year, the AMF brought a total of 855 charges. A total of 783 individuals were sanctioned, including 400 individuals and companies sanctioned for late filing or failure to file insider trading reports, which also generated $1,147,300 in fines.

In addition to the fines and administrative penalties, prison terms totaling more than three and a half years were also meted out during the year.

The regulator also reported that decisions rendered in Québec for securities law violations represent one-third of such decisions in other jurisdictions in Canada; and, monetary penalties imposed in Québec represent more than 50% of penalties imposed in Canada.

“In the past year, economic crimes regularly made the headlines. As well, people generally became more aware of the importance of applying exemplary penalties for economic crimes as a deterrent,” said Jean St-Gelais, AMF president and CEO. “In many of the actions launched in the past year, we sought penalties in excess of the minimum amounts prescribed by law for deterrent and exemplary purposes.”

IE