Quebec’s securities regultor has announced that it will start imposing administrative monetary penalties on issuers and insiders in default situations.

The Autorité des marchés financiers says administrative says monetary penalties will automatically be imposed for reporting issuers’ late filing of certain documents, such as financial statements, and insiders’ failure to disclose his control or a change in his control over securities. Issuers and insiders will be levied $100 per document for each business day during any given financial year of the AMF, to a maximum amount of $5,000.

“With these new penalties, the AMF will be able to enforce securities legislation even more effectively and thoroughly,” stated AMF president and CEO Jean St-Gelais.

The administrative monetary penalties came into force on January 1. On Dec. 7, 2005, the Québec government approved an amendment to the Securities Regulation for the purpose of allowing such penalties to be imposed.