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Canada — Quebec Act or statute

Canada — Quebec legislation

Securities Act, 1982

This section says the Act applies to specified forms of investment, and it defines an investment contract.

Source excerpt

access to public recordsaccountability for benefitsaccounting auditsadministrative conditionsadministrative designationadministrative examinationadministrative ordersadministrative penaltiesadministrative procedureadministrative reviewadministrative sanctionsadministrative tribunaladministrative tribunal applicationsadministrative tribunal powersadviser complianceaffidavit verificationaffiliateagreementsalternative trading systemsannual reportingappeal rightsappealsappeals/disciplineapplicable lawapplication processingasset restraintauthority costsauthority designationauthorization peremptionauthorizationsautomatic plansbenchmark administrationbenchmark compliancebenchmark regulationcivil actioncivil liabilitycivil litigationcivil procedureclass actionclass actionsclearingclient accountsclient information disclosureclient securities holdingscode of conductcommission sharingcompensation capcomplaints handlingcomplaints registercompliancecompliance officer dutiescompliance ordercompliance reviewconciliationconfidentialityconflict of interestconsultation mechanismcontingency fundcontingency fundscontinuing effect of prior actscontinuous disclosurecontractscontraventionscontrolcorporate controlcorporate control disclosurecost allocationcost recoverycostscourt applicationscourt authorizationcourt enforcementcourt filingcourt homologation of administrative decisionscourt procedurecourt proceedingscourt termscredit balancescredit rating organizationscredit ratingscriminal proceedingscross-jurisdiction recognitioncross-jurisdiction regulatory cooperationcross-jurisdictional authoritydamagesdamages calculationdamages claimdealer and adviser registrationdealer compliancedealer obligationsdealer or adviser notice requirementsdealer recordkeepingdealer registrationdealer representativesdebt enforcementdebt recoverydebt securitiesdebt securitydecision-makingdecision-making proceduresdefence to actiondefence to liabilitydefendant knowledgedefinitiondefinitionsdelegated authoritydelegationdelegation of authoritydelegation of powersdeposit handlingderivativesdirector liabilitydirector/officer disqualificationdirectorsdisclosuredisclosure compliancedisclosure obligationsdisclosure of informationdispute resolutiondistributiondistribution conditionsdistribution of disgorged amountsdistribution purchasesdocument accessdocument distributiondocument filingdocument forwardingdocument productiondocumentsdual employment restrictionseconomic interestsenforcementexchange registrationexchange tradingexemptionsexpert appointmentexpert reportsextra-provincial authorityextra-provincial securities lawsfeesfinancial disclosurefinancial instrumentsfinancial regulationfinancial servicesfinancial services supervisionfinancial-sector regulationfinesforward-looking informationfraudgood faith official actsgovernancegovernance practicesgovernance rulesgovernment agreementsgross faulthearing procedureinformation processinginformation requestsinformation sharinginformation/data reportinginjunctionsinsider disclosureinsider informationinsider reportinginsider tradinginsider transactionsinspection and investigation costsinspection authorizationinspection programsinspectionsinsurance regulationinternal controlsinvested sumsinvestigationsinvestigative ordersinvestment complianceinvestment contractsinvestment exemptionsinvestment fundinvestment fund managerinvestment fundsinvestment instrumentsinvestment regulationinvestor protectioninvestor remediesinvestorsissuerissuer bidissuer bidsissuer correspondenceissuer disclosureissuer liabilityissuer obligationsissuer securitiesissuer statusjudicial reviewjurisdictionlanguage requirementslaw enforcement cooperationlaw enforcement requestslegal actionlegal compliancelegislative procedurelegislative updateslimitations periodlisting representationslitigationlitigation procedurelitigation risklitigation timingloss compensationmail servicemarket conductmarket impactmarket infrastructuremarket manipulationmarket organizationmarket participantsmarket participationmaterial changematerial change disclosurematerial change reportmediationministerial advicemisrepresentationmisrepresentation claimsmisrepresentation damagesmisrepresentation defencemisrepresentation defensemonetary administrative penaltiesmutual fund dealersmutual fundsnoticenotice requirementsnotificationsoffencesoffering documentsoffering memorandumofficer liabilityorder amendment or revocationorder clarificationorder extensionsorderspatrimony governancepaymentpayment agreementspenal procedurepenaltiespenalty recoveryperiodic disclosurepersonal data sharingportfolio managementpreliminary prospectusprescription interruptionprescriptive periodspresumptions of receiptprice revisionprivacyprivacy exceptionprivileged informationprocedural fairnessproceedingsprofessional conductprofitsprohibited transactionsprohibitionsproof burdenprosecution timingprospectusprospectus complianceprospectus deliveryprospectus disclosureprospectus exemptionprospectus filingprospectus preparationprospectus receiptsprospectus substituteprospectusesproxy solicitationpublic disclosurepublic distributionspublic issuerspublic misrepresentationpublic recordspublic registerpublic statementspublic tradingpublicationpurchase and salereceipt applicationreceiptsrecognition requirementrecommendationrecord accessrecord keepingrecordkeepingrecovery certificateredemptionrefund undertakingsrefund withholdingregistrationregistration complianceregistration conditionsregistration surrenderregulation-makingregulatory administrationregulatory amendmentsregulatory authorityregulatory authority powersregulatory chargesregulatory complianceregulatory conditionsregulatory decision-makingregulatory decisionsregulatory decisions and ordersregulatory definitionregulatory delegationregulatory designationregulatory directionsregulatory discretionregulatory enforcementregulatory feesregulatory incorporation by referenceregulatory inspectionregulatory inspectionsregulatory interventionregulatory investigationsregulatory powersregulatory receiptregulatory recognitionregulatory reportingregulatory requirementsregulatory sanctionsregulatory scoperegulatory statusreimbursementreliance on extra-provincial decisionsrepayment obligationsreportingreporting issuerreporting issuer compliancereporting issuer statusreporting issuersrescissionrescission rightsreview of decisionsrights of actionrisk managementrulemakingsafe deposit boxsales representationsscholarship plan dealerssecuritiessecurities damagessecurities disclosuresecurities distributionsecurities enforcementsecurities lawsecurities litigationsecurities market oversightsecurities misrepresentationsecurities offerssecurities regulationsecurities representationssecurities settlementsecurities subscriptionsecurities tradingsecurities trading supervisionsecurities transactionssecurity transactionsself-regulatory organizationssettlementshare distributionshareholder remediesshareholder securitiesshort sellingstatementssubdelegationsubsidiarytake-over bidtake-over bid disclosuretake-over bidstestimonytime limits for actionstimely disclosuretrade notificationtradingtrading restrictionstransaction cessation orderstransaction liabilitytransactions in securitiestransfer of ownershiptribunal hearingstribunal orderstribunal powersvoting rightsworking capitalwritten undertakings
Jurisdiction
Canada — Quebec
Structure
646 provisions
Official identity
Year 1982
Dates
Enacted 1982 · Source version 10 Jun 2026
More statute details
Dates
Enacted 1982 · Source version 10 Jun 2026
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01

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“This section says the Act applies to specified forms of investment, and it defines an investment contract.”

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02

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    Enacted 1982 · Source version 10 Jun 2026. The date shown identifies this source expression and should not be treated as proof that no later change exists.

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Section 225.26

A defendant may avoid an action for misrepresentation in a document, except where the document must be filed with the Authority, if the defendant did not know and had no reasonable grounds to believe the document would be released.

Section 225.26

Section 284

Judicial review applications and injunctions are not allowed against the Authority, its personnel, or its agents acting in their official capacity.

Section 284

Section 308.1.1

The Authority may, by regulation, allow an extra-provincial authority to be recognized in Québec for listed areas, if the related Québec authority is recognized in the other jurisdiction.

Section 308.1.1

Section 325

325. (Repealed). 1982, c. 48, s. 325; 2002, c. 45, s. 696; 2009, c. 58, s. 136.

Section 325

04

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Source record from www.legisquebec.gouv.qc.ca · Enacted 1982 · Source version 10 Jun 2026

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Provisions 401–600

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Showing 200 of 646 provisions

Provision 115Repeal 63Offence 14Amendment 7
§ 225.26Section 225.26Provision

Source excerpt

A defendant may avoid an action for misrepresentation in a document, except where the document must be filed with the Authority, if the defendant did not know and had no reasonable grounds to believe the document would be released.

225.26. A defendant may defeat an action for a misrepresentation in a document other than a document that is required to be filed with the Authority by proving that, at the time that the document was released, the defendant did not know and had no reasonable grounds to believe that the document would be released. 2007, c. 15, s. 11.
Section 225.26Verify source
§ 225.27Section 225.27Provision

Source excerpt

A defendant may defeat an action under section 225.11 by proving specified facts about confidential material change reporting and prompt disclosure.

225.27. A defendant may defeat an action under section 225.11 by proving that (1) the issuer, in accordance with this Act or the regulations, filed a material change report with the Authority without making the report public and the issuer had a reasonable basis to file the report on a confidential basis; (2) if the change remains material, the issuer promptly made the material change public when the basis for confidentiality ceased to exist; (3) the defendant or issuer did not release a document or make a public oral statement that, due to the undisclosed material change report, contained a misrepresentation; and (4) if the material change became publicly known in a manner other than the manner required under this Act or the regulations, the issuer promptly disclosed the material change in accordance with this Act or the regulations. 2007, c. 15, s. 11.
Section 225.27Verify source
§ 225.28Section 225.28Provision

Source excerpt

This section sets out how damages are calculated for a plaintiff who acquired an issuer’s securities.

225.28. Damages are assessed as follows in favour of a plaintiff that acquired an issuer’s securities: (1) in respect of securities that the plaintiff has not disposed of, assessed damages are to be equal to the number of securities acquired and not disposed of, multiplied by the difference between the average price paid per security (including commissions) and, if the issuer’s securities trade on a published market, the trading price of the issuer’s securities on the principal market for the 10 trading days following the public correction of the misrepresentation or the disclosure of the material change in the manner required under this Act or the regulations or, if there is no organized market, the amount that the court considers just; (2) in respect of securities that the plaintiff subsequently disposed of on or before the last of the 10 trading days referred to in paragraph 1, assessed damages are to be equal to the difference between the average price paid for those securities (including commissions) and the price received on the disposition of those securities (without deducting commissions), calculated taking into account the result of hedging or other risk limitation transactions; and (3) in respect of securities that the plaintiff subsequently disposed of after the last of the 10 trading days referred to in paragraph 1, assessed damages are to be equal to the lesser of (a) the number of those securities, multiplied by the difference determined under paragraph 1; and (b) the difference determined under paragraph 2. 2007, c. 15, s. 11; 2008, c. 7, s. 155.
Section 225.28Verify source
§ 225.29Section 225.29Provision

Source excerpt

This section sets out how damages are calculated for a plaintiff who disposed of an issuer’s securities.

225.29. Damages are assessed as follows in favour of a plaintiff that disposed of an issuer’s securities: (1) in respect of securities that the plaintiff has not subsequently repurchased, assessed damages are to be equal to the number of securities disposed of and not repurchased, multiplied, if the issuer’s securities trade on a published market, by the difference between the trading price of the issuer’s securities on the principal market for the 10 trading days following the public correction of the misrepresentation or the disclosure of the material change in the manner required under this Act or the regulations, or, if there is no organized market, the amount that the court considers just, and the average price received per security on the disposition of those securities (deducting commissions paid determined on a per security basis); (2) in respect of securities that the plaintiff subsequently repurchased on or before the last of the 10 trading days referred to in paragraph 1, assessed damages are to be equal to the difference between the price paid for those securities (excluding commissions) and the average price received on the disposition of those securities (deducting commissions), calculated taking into account the result of hedging or other risk limitation transactions; and (3) in respect of securities that the plaintiff repurchased after the last of the 10 trading days referred to in paragraph 1, assessed damages are to be equal to the lesser of (a) the number of those securities, multiplied by the difference determined under paragraph 1; and (b) the difference determined under paragraph 2. 2007, c. 15, s. 11; 2008, c. 7, s. 155.
Section 225.29Verify source
§ 225.30Section 225.30Provision

Source excerpt

Assessed damages must not include amounts the defendant proves came from unrelated changes in securities market price.

225.30. Assessed damages are not to include any amount that the defendant proves is attributable to a change in the market price of securities that is unrelated to the misrepresentation or the failure to make timely disclosure. 2007, c. 15, s. 11.
Section 225.30Verify source
§ 225.31Section 225.31Provision

Source excerpt

The court must assign each defendant responsibility for assessed damages and order payment of the matching share. In certain cases, the court may order a defendant other than the issuer to pay all damages.

225.31. The court determines each defendant’s responsibility for the damages assessed and orders each defendant to pay that portion of those damages that corresponds to the defendant’s responsibility. However, if the court determines that a particular defendant, other than the issuer, authorized, permitted or acquiesced in the release of the document or making of the public oral statement containing the misrepresentation, or the failure to make timely disclosure, while knowing it to be a misrepresentation or a failure to make timely disclosure, it may order that defendant to pay the whole amount of the damages. If two or more defendants are so determined to be responsible for all the damages assessed, they are solidarily liable for the whole amount of the damages. 2007, c. 15, s. 11.
Section 225.31Verify source
§ 225.32Section 225.32Provision

Source excerpt

A defendant who is a director or officer of an influential person is not liable in that capacity if the defendant is liable as a director or officer of the issuer.

225.32. A defendant who is a director or officer of an influential person is not liable in that capacity if the defendant is liable as a director or officer of the issuer. 2007, c. 15, s. 11.
Section 225.32Verify source
§ 225.33Section 225.33Provision

Source excerpt

Damages for a misrepresentation or late disclosure claim are capped at the lesser of two amounts, unless the plaintiff proves the defendant (other than the issuer) knowingly authorized, permitted, or acquiesced in the release or non-disclosure.

225.33. Unless the plaintiff proves that the defendant, other than the issuer, authorized, permitted or acquiesced in the release of the document or making of the public oral statement containing the misrepresentation, or the failure to make timely disclosure, while knowing it to be a misrepresentation or a failure to make timely disclosure, the damages payable are the lesser of (1) the amount determined under section 225.28 or 225.29; and (2) the maximum amount determined under the second paragraph less any damages the defendant has been ordered to pay by a judgment that has become res judicata in any other actions brought against the defendant under this division or comparable provisions of extra-provincial securities laws within the meaning of section 305.1 in respect of the same misrepresentation or failure to make timely disclosure, and less any amount paid in settlement of such actions. For the purposes of subparagraph 2 of the first paragraph, the maximum amount is, (1) in the case of the issuer or an influential person that is not a natural person, the greater of 5% of its market capitalization and $1,000,000; (2) in the case of a natural person other than an expert, the greater of 50% of the aggregate of that person’s compensation from the issuer and its affiliates and $25,000 or, if the person is a director or officer of an influential person, the greater of 50% of the aggregate of that person’s compensation from the influential person and its affiliates and $25,000; and (3) in the case of an expert, the greater of the revenue that the expert and the affiliates of the expert earned from the issuer and its affiliates during the 12-month period preceding the misrepresentation and $1,000,000. For the purposes of subparagraph 2 of the second paragraph, “compensation” means compensation received during the 12-month period immediately preceding the day on which the misrepresentation was made or on which the failure to make timely disclosure first occurred, together with the market value of all deferred compensation including, without limitation, options, pension benefits and stock appreciation rights, granted during the same period, valued as of the date that such compensation is awarded. 2007, c. 15, s. 11.
Section 225.33Verify source
§ 226Section 226Provision

Source excerpt

A person who carries out a transaction contrary to sections 187, 189, 189.1, or 190 is liable for injury suffered by the other party.

226. Every person who carries out a transaction contrary to section 187, 189, 189.1 or 190 is responsible for any injury suffered by the other party to the transaction. 1982, c. 48, s. 226; 1984, c. 41, s. 55; 1999, c. 40, s. 327.
Section 226Verify source
§ 227Section 227Provision

Source excerpt

A person who discloses privileged information contrary to section 188 or 189 is responsible for resulting injury to a third person in a transaction with the person who used the disclosed information.

227. Every person who discloses privileged information in contravention of section 188 or 189 is responsible for any injury caused to a third person as a result of a transaction effected with the person who used the information so disclosed. 1982, c. 48, s. 227; 1999, c. 40, s. 327.
Section 227Verify source
§ 228Section 228Offence

Source excerpt

A person who uses privileged information contrary to sections 187, 189, 189.1, or 190 must account for the benefit from the prohibited transactions after repairing the harm caused.

228. Every person using privileged information contrary to section 187, 189, 189.1 or 190 is also accountable for the benefit accruing to him from the prohibited transactions, after repairing the harm caused, to the following persons: (1) the issuer of the securities concerned, in the case of an offence under section 187, 189 or 189.1; (2) the investment fund or the client for whom the portfolio is managed, in the case of an offence under section 190. 1982, c. 48, s. 228; 1984, c. 41, s. 56; 2006, c. 50, s. 75.
Section 228Verify source
§ 229Section 229Provision

Source excerpt

With court authorization, certain securities holders may exercise recovery rights under section 228 on behalf of entitled persons.

229. With the authorization of the court, obtained on an application served on the issuer or the investment fund, the rights of action for recovery under section 228 may be exercised, in the name of and for the account of the persons entitled to the action, by a person who was at the time of the prohibited transaction or is at the time of the application a holder of outstanding securities of the issuer or the investment fund. 1982, c. 48, s. 229; 2004, c. 37, s. 20; 2006, c. 50, s. 76; I.N. 2016-01-01 (NCCP).
Section 229Verify source
§ 230Section 230Provision

Source excerpt

A holder who meets the section 229 conditions may intervene in an action under section 228 or 229.

230. Every holder who satisfies the conditions set forth in section 229 may also intervene in an action instituted under section 228 or 229. 1982, c. 48, s. 230.
Section 230Verify source
§ 231Section 231Provision

Source excerpt

231. To obtain the authorization provided for in section 229, it must be established that the officers and the directors of the issuer or the investment fund have failed to institute the action, or have failed to prosecute it

231. To obtain the authorization provided for in section 229, it must be established that the officers and the directors of the issuer or the investment fund have failed to institute the action, or have failed to prosecute it diligently. 1982, c. 48, s. 231; 2006, c. 50, s. 77, s. 111.
Section 231Verify source
§ 232Section 232Provision

Source excerpt

The court may make orders needed to help a holder timely exercise the right to start or join an action, and may charge the holder’s costs to the issuer.

232. The court may make any necessary order to facilitate the timely exercise of a holder’s right to institute or intervene in an action. In particular, it may charge the holder’s costs to the issuer. 1982, c. 48, s. 232.
Section 232Verify source
§ 233Section 233Provision

Source excerpt

The Authority has an interest to bring an action under section 229 or 230 in the same manner as a holder.

233. The Authority has an interest to bring an action under section 229 or 230 in the same manner as a holder. 1982, c. 48, s. 233; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 233Verify source
§ 233.1Section 233.1Provision

Source excerpt

Certain parties may ask the court to issue orders that undo or reduce the effects of a contravention involving a take-over bid or issuer bid, and they must send a copy of the application to the Authority.

233.1. The offeree issuer, the offeror, their officers, their directors and persons holding their securities at the time of the transaction or action may move that the court make any order of such a nature as to rectify the consequences of a contravention of the Act or the regulations regarding a take-over bid or issuer bid. A copy of the application requesting the order is sent to the Authority. They may in particular move that the court cancel a transaction or an issue, order a party to dispose of securities purchased during a bid, prohibit a holder from exercising voting rights attached to securities purchased during a bid, or order that compensation be paid to an interested person for any damage resulting from a contravention of the Act or the regulations regarding a take-over bid or issuer bid. 1984, c. 41, s. 58; 2006, c. 50, s. 78; I.N. 2016-01-01 (NCCP).
Section 233.1Verify source
§ 233.2Section 233.2Amendment

Source excerpt

On an interested person’s application, the Financial Markets Administrative Tribunal may order document distribution to stop, require corrections, or direct compliance with the Act or regulations in a take-over bid or issuer bid context.

233.2. On application by an interested person, the Financial Markets Administrative Tribunal may, if it considers that a person has not complied or is not complying with this Act or the regulations in the context of a take-over bid or an issuer bid, make an order (1) restraining the distribution of any document used or issued; (2) requiring an amendment to any document used or issued and requiring the distribution of any amended or corrected document; (3) directing a person to comply with this Act or the regulations, restraining a person from contravening this Act or the regulations or directing the directors and officers of the person to cause the person to comply with or to cease contravening this Act or the regulations. 2006, c. 50, s. 79; 2009, c. 58, s. 110; 2016, c. 7, s. 179.
Section 233.2Verify source
§ 234Section 234Provision

Source excerpt

234. Any action for rescission or for revision of the price under this title is prescribed by the lapse of three years from the date of the transaction. 1982, c. 48, s. 234; 2002, c. 45, s. 636.

234. Any action for rescission or for revision of the price under this title is prescribed by the lapse of three years from the date of the transaction. 1982, c. 48, s. 234; 2002, c. 45, s. 636.
Section 234Verify source
§ 235Section 235Provision

Source excerpt

An action for damages under this title is prescribed after three years from knowledge of the facts, subject to stated exceptions and suspension rules.

235. Any action for damages under this title is prescribed by the lapse of three years from knowledge of the facts giving rise to the action, except on proof that tardy knowledge is imputable to the negligence of the plaintiff. However, in the case of an action under Division II of Chapter II, the plaintiff is deemed to have knowledge of the facts as of the date on which the document containing the misrepresentation was first released, the oral public statement containing the misrepresentation was made or the material change should have been disclosed. The prescription provided for by this section is suspended by the filing of a request for authorization with the court under section 225.4; moreover, the suspension of prescription provided for by article 2908 of the Civil Code is effective only as of the filing of that request. The suspension ceases, as the case may be, (1) when the court has rendered its decision on the request for authorization and the decision can no longer be appealed; (2) when the plaintiff has discontinued the action; or (3) at the time provided for in article 2908 of the Civil Code, with respect to a member of the group that is the object of a class action who is excluded from the class action by a judgment subsequent to that authorizing the action under section 225.4. 1982, c. 48, s. 235; 2002, c. 45, s. 637; 2007, c. 15, s. 12; 2018, c. 23, s. 700.
Section 235Verify source
§ 236Section 236Provision

Source excerpt

Section 236 says the prescriptive periods in section 235 are subject to shorter specific time limits for certain actions.

236. However, the prescriptive periods under section 235 are subordinate to the following limitations: (1) five years from the transaction, in the case of actions for damages provided for in sections 214, 215, 226, 227 and 228; (2) five years from the filing of the information document with the Authority, in the case of actions under sections 218, 219, 221, 223 and 225; (3) six months from the publication of the press release announcing that authorization has been granted by the court to bring an action under Division II of Chapter II or comparable provisions of extra-provincial securities laws within the meaning of section 305.1 regarding the same misrepresentation or failure to make timely disclosure, in the case of actions under that division. 1982, c. 48, s. 236; 1990, c. 77, s. 37; 2002, c. 45, s. 638; 2004, c. 37, s. 90; 2007, c. 15, s. 13.
Section 236Verify source
§ 236.1Section 236.1Provision

Source excerpt

Some securities-related actions may be brought in the plaintiff’s home court.

236.1. Any action under this Title or any action under the ordinary rules of law in respect of facts related to the distribution of a security or to a take-over bid or issuer bid may be brought before the court of the plaintiff’s residence. In matters pertaining to the distribution of a security, the laws of Québec are applicable where the subscriber or purchaser resides in Québec, regardless of the place of the contract. Any contrary stipulation as to the jurisdiction of the courts or the applicable legislation is without effect. 1987, c. 40, s. 26; 1999, c. 40, s. 327.
Section 236.1Verify source
§ 237Section 237Repeal

Source excerpt

The Authority or its agent may require specified persons to submit documents or information, and may require affidavit confirmation of authenticity or veracity.

237. The Authority or its appointed agent may require any document or information it considers expedient for the discharge of its functions to be submitted to it by any of the following persons: (1) a registrant; (2) a recognized self-regulatory organization or one of its members; (2.1) a recognized stock exchange or one of its participants; (2.2) a recognized clearing house or a person who has an account with such a clearing house; (2.3) a person who operates an alternative trading system that is recognized as a stock exchange or registered as a dealer, or one of its subscribers; (2.3.1) a recognized regulation services provider; (2.4) a recognized securities information processor or one of its users; (2.4.1) a recognized trading platform or one of its subscribers; (2.5) a recognized matching service utility or one of its users; (3) a reporting issuer; (4) (subparagraph repealed); (5) a person submitting an application to the Authority, or filing with it documents required by the Act or the regulations, and the issuer to whom the application or the documents relate; (6) a person referred to in section 151.1.1; (7) a designated credit rating organization; (8) a recognized settlement system or one of its subscribers; (9) a recognized central securities depositary or one of its subscribers; (10) a person to whom a decision under section 263 applies; (11) a designated benchmark administrator, a person who provides information or data applied to establish a designated benchmark, or a person responsible for the computation of a designated benchmark. In addition, the Authority or its agent may require such persons to confirm by affidavit the authenticity or veracity of submitted documents or information. In the case of members of a self-regulatory organization, of their officers, of their directors and of their representatives subject to registration, the Authority may, on the conditions it determines, delegate its powers under this section and section 238 to the self-regulatory organization. 1982, c. 48, s. 237; 1984, c. 41, s. 59; 1999, c. 40, s. 327; 2002, c. 45, s. 696; 2004, c. 37, s. 21; 2006, c. 50, s. 81, s. 111; 2008, c. 7, s. 156; 2008, c. 24, s. 212; 2009, c. 58, s. 111; 2013, c. 18, s. 110; 2018, c. 23, ss. 701 and 811; 2021, c. 15, s. 106; 2025, c. 16, s. 157.
Section 237Verify source
§ 238Section 238Provision

Source excerpt

The Authority or its appointed agent may require certain persons to submit to examination under oath.

238. The Authority or its appointed agent may require any person referred to in section 237 or any officer, director or employee thereof to submit to examination under oath. 1982, c. 48, s. 238; 2002, c. 45, s. 696; 2004, c. 37, s. 90; 2006, c. 50, s. 82, s. 111.
Section 238Verify source
§ 239Section 239Provision

Source excerpt

The Authority may order an investigation for compliance, enforcement, related securities-law matters, or to consider asking the Superior Court to appoint a receiver.

239. The Authority may order an investigation (1) to ascertain whether the Act and the regulations are complied with; (2) to repress contraventions to the Act or the regulations; (3) to repress contraventions to the securities legislation of another legislative authority; (4) within the scope of an agreement entered into under the second paragraph of section 33 of the Act respecting the regulation of the financial sector (chapter E-6.1); (5) to ascertain whether it would be advisable to request the Superior Court to order the appointment of a receiver in accordance with section 19.1 of the Act respecting the regulation of the financial sector. 1982, c. 48, s. 239; 1990, c. 77, s. 38; 2001, c. 38, s. 71; 2002, c. 45, s. 696; 2004, c. 37, s. 90; 2008, c. 7, s. 157; 2018, c. 23, s. 811.
Section 239Verify source
§ 240Section 240Provision

Source excerpt

For investigations under this chapter, specified provisions of the Act respecting public inquiry commissions apply with necessary modifications. The Authority also has the powers of a Superior Court judge for the investigation, except it cannot order imprisonment.

240. The first paragraph of section 6, and sections 9, 10, 11, 12, 13 and 16 of the Act respecting public inquiry commissions (chapter C‐37) apply, with the necessary modifications, to investigations under this chapter. The Authority has, for the purposes of an investigation, all the powers of a judge of the Superior Court, except to order imprisonment. 1982, c. 48, s. 240; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 240Verify source
§ 241Section 241Offence

Source excerpt

A person testifying in an investigation or under oath cannot refuse to answer or produce a document just because doing so might incriminate them or expose them to a penalty or civil proceedings, subject to the Canada Evidence Act.

241. No person called upon to testify in the course of an investigation or being examined under oath may refuse to answer or to produce any document on the ground that he might thereby be incriminated or exposed to a penalty or civil proceedings, subject to the Canada Evidence Act (Revised Statutes of Canada, 1985, chapter C-5). 1982, c. 48, s. 241; 1984, c. 41, s. 60.
Section 241Verify source
§ 242Section 242Provision

Source excerpt

The Authority may require documents related to the investigation and may decide whether to return documents it has received.

242. The Authority may require the submission or delivery of any document related to the object of the investigation. The Authority has the power to return the documents remitted to it or to determine whether or not it is advisable to do so. 1982, c. 48, s. 242; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 242Verify source
§ 243Section 243Provision

Source excerpt

A person who has filed documents with the Authority under section 242 may inspect or copy them, at that person's own expense, by arrangement with the Authority.

243. A person who has remitted documents to the Authority pursuant to section 242 may inspect them or copy them at his own expense, by arrangement with the Authority. 1982, c. 48, s. 243; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 243Verify source
§ 244Section 244Provision

Source excerpt

244. Investigations made under section 239 are held in camera. 1982, c. 48, s. 244.

244. Investigations made under section 239 are held in camera. 1982, c. 48, s. 244.
Section 244Verify source
§ 245Section 245Provision

Source excerpt

The Authority may prohibit a person from disclosing information about an investigation to anyone except his advocate.

245. The Authority may forbid a person to disclose any information relating to an investigation to anyone but his advocate. 1982, c. 48, s. 245; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 245Verify source
§ 246Section 246Provision

Source excerpt

A person called to testify at an investigation or examination may be assisted by an advocate of their choice.

246. A person called on to testify at an investigation or on an examination may be assisted by the advocate of his choice. 1982, c. 48, s. 246.
Section 246Verify source
§ 247Section 247Provision

Source excerpt

The Authority must designate a member of its personnel to conduct the investigation, and it may appoint a non-employee to do so as well.

247. The Authority shall designate a member of its personnel to carry out the investigation. The Authority may also appoint a person who is not a member of its personnel to carry out the investigation. The appointed person must be sworn before a judge of the Court of Québec or before a member of the Authority in the manner provided in section 2 of the Act respecting public inquiry commissions (chapter C‐37), with the necessary modifications. 1982, c. 48, s. 247; 1984, c. 41, s. 61; 1988, c. 21, s. 66; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 247Verify source
§ 248Section 248Provision

Source excerpt

The investigator must prove appointment on request, has the Authority’s powers for the investigation except contempt citations, and must report to the Authority and give it the testimony transcript and related documents.

248. The investigator must prove his appointment on request. For the purposes of the investigation, the investigator has all the powers of the Authority, except to cite for contempt of court. The investigator shall report to the Authority, and place the transcript of testimony and the documents relating to the investigation at its disposal. 1982, c. 48, s. 248; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 248Verify source
§ 249Section 249Provision

Source excerpt

The Authority may, during an investigation, ask the Financial Markets Administrative Tribunal to restrain certain dealings with funds, securities, or other assets.

249. The Authority may, for the purposes of or in the course of an investigation, request the Financial Markets Administrative Tribunal to (1) order the person who is or is about to be under investigation not to dispose of the funds, securities or other assets in his possession; (2) order the person who is or is about to be under investigation to refrain from withdrawing funds, securities or other assets from any other person having them on deposit, under control or in safekeeping; (3) order any other person not to dispose of the funds, securities or other assets referred to in paragraph 2 or of funds, securities or other property acquired for unreasonable consideration from the person who is or is about to be under investigation. 1982, c. 48, s. 249; 2002, c. 45, s. 639; 2004, c. 37, s. 90; 2009, c. 58, s. 112; 2016, c. 7, s. 179; 2024, c. 15, s. 126.
Section 249Verify source
§ 250Section 250Amendment

Source excerpt

250. An order made under section 249 is effective from the time the person concerned is notified and, unless otherwise provided, remains binding for a 12-month period; it may be revoked or otherwise amended during that period. The person

250. An order made under section 249 is effective from the time the person concerned is notified and, unless otherwise provided, remains binding for a 12-month period; it may be revoked or otherwise amended during that period. The person concerned shall be notified not less than 15 days before any hearing during which the Financial Markets Administrative Tribunal is to consider an extension. The Financial Markets Administrative Tribunal may grant the extension if the person concerned does not indicate his intention to be heard or if he fails to establish that the reasons for the initial order have ceased to exist. 1982, c. 48, s. 250; 1990, c. 77, s. 39; 2002, c. 45, s. 696; 2008, c. 24, s. 213; 2009, c. 58, s. 113; 2016, c. 7, s. 179; 2018, c. 23, s. 702.
Section 250Verify source
§ 251Section 251Provision

Source excerpt

If a named person has leased or made available a safety deposit box, that person must immediately notify the Authority. On the Authority’s request, the person must open the box, inventory the contents in triplicate, and provide copies to the Authority and the concerned person.

251. If the person named in an order under paragraph 3 of section 249 has leased a safety deposit box to the person concerned or put it at his disposal, he must immediately notify the Authority. At the request of the Authority, the person shall break open the safety deposit box in the presence of an agent of the Authority, draw up an inventory of the contents in triplicate, and give one copy to the Authority and one copy to the person concerned. 1982, c. 48, s. 251; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 251Verify source
§ 252Section 252Provision

Source excerpt

An order made under section 249 does not apply to funds or securities in a clearing-house or with a transfer agent unless the order says so.

252. No order made under section 249 applies to funds or securities in a clearing-house or with a transfer agent, unless it so states. 1982, c. 48, s. 252.
Section 252Verify source
§ 253Section 253Provision

Source excerpt

An order under paragraph 3 of section 249 that concerns a bank or financial institution applies only to the branches or agencies named in the order.

253. Where an order made under paragraph 3 of section 249 concerns a bank or a financial institution, it applies only to the branches or agencies mentioned therein. 1982, c. 48, s. 253; 2002, c. 45, s. 640; 2011, c. 26, s. 79.
Section 253Verify source
§ 254Section 254Provision

Source excerpt

An order made under section 249 also applies to funds, securities, and other assets received after the order’s effective date.

254. An order made under section 249 applies also to funds, securities and other assets received after the effective date of the order. 1982, c. 48, s. 254.
Section 254Verify source
§ 255Section 255Amendment

Source excerpt

A person directly affected by an order under section 249 may ask the Tribunal for clarification, amendment, or revocation; if seeking amendment or revocation, a written notice of reasons must be filed and served on the Authority at least 15 days before the hearing.

255. Every person directly affected by an order made under section 249, if in doubt as to the application of the order to particular funds, securities or other assets, may apply to the Financial Markets Administrative Tribunal for clarification; the person may also apply for an amendment to or the revocation of the order. A written notice stating the reasons for the application for amendment or revocation must be filed with the Tribunal. The notice must be served on the Authority not less than 15 days before the hearing set to hear the application. 1982, c. 48, s. 255; 2002, c. 45, s. 696; 2009, c. 58, s. 114; 2016, c. 7, s. 179; 2018, c. 23, s. 703.
Section 255Verify source
§ 256Section 256Provision

Source excerpt

256. An order issued under section 239 or 249 is admissible for publication in the same register as that in which rights in the funds, securities or other assets covered by the order are required to be published or admissible for

256. An order issued under section 239 or 249 is admissible for publication in the same register as that in which rights in the funds, securities or other assets covered by the order are required to be published or admissible for publication. Likewise, the order may be published in a register kept outside Québec if such orders are admissible for publication under the Act governing the register. 1982, c. 48, s. 256; 1994, c. 13, s. 15; 2003, c. 8, s. 6; 2002, c. 45, s. 696; 2004, c. 37, s. 90; 2006, c. 3, s. 35; 2011, c. 26, s. 80.
Section 256Verify source
§ 257Section 257Repeal

Source excerpt

Section 257 is repealed.

257. (Repealed). 1982, c. 48, s. 257; 1990, c. 77, s. 40; 1999, c. 40, s. 327; 2002, c. 45, s. 696; 2006, c. 50, s. 83, s. 111; 2008, c. 7, s. 158.
Section 257Verify source
§ 258Section 258Repeal

Source excerpt

Section 258 is repealed.

258. (Repealed). 1982, c. 48, s. 258; 1990, c. 77, s. 41; 2002, c. 45, s. 696; 2004, c. 37, s. 90; 2008, c. 7, s. 158.
Section 258Verify source
§ 258.1Section 258.1Repeal

Source excerpt

258.1. (Repealed). 1990, c. 77, s. 42; 2008, c. 7, s. 158.

258.1. (Repealed). 1990, c. 77, s. 42; 2008, c. 7, s. 158.
Section 258.1Verify source
§ 259Section 259Repeal

Source excerpt

Section 259 is repealed.

259. (Repealed). 1982, c. 48, s. 259; 1990, c. 77, s. 43; 2008, c. 7, s. 158.
Section 259Verify source
§ 259.1Section 259.1Repeal

Source excerpt

Section 259.1 is repealed.

259.1. (Repealed). 1990, c. 77, s. 44; 2002, c. 45, s. 696; 2004, c. 37, s. 90; 2008, c. 7, s. 158.
Section 259.1Verify source
§ 259.2Section 259.2Repeal

Source excerpt

This section is repealed.

259.2. (Repealed). 1990, c. 77, s. 44; 2008, c. 7, s. 158.
Section 259.2Verify source
§ 260Section 260Repeal

Source excerpt

Section 260 is repealed.

260. (Repealed). 1982, c. 48, s. 260; 2002, c. 45, s. 696; 2004, c. 37, s. 90; 2008, c. 7, s. 158.
Section 260Verify source
§ 261Section 261Repeal

Source excerpt

Section 261 is repealed.

261. (Repealed). 1982, c. 48, s. 261; 1990, c. 77, s. 45; 2002, c. 45, s. 696; 2008, c. 7, s. 158.
Section 261Verify source
§ 261.1Section 261.1Repeal

Source excerpt

Section 261.1 is repealed.

261.1. (Repealed). 1990, c. 77, s. 45; 2008, c. 7, s. 158.
Section 261.1Verify source
§ 262Section 262Repeal

Source excerpt

Section 262 is repealed.

262. (Repealed). 1982, c. 48, s. 262; 1990, c. 77, s. 46; 1995, c. 33, s. 29; 2008, c. 7, s. 158.
Section 262Verify source
§ 262.1Section 262.1Provision

Source excerpt

After a securities-law non-compliance, the Authority may ask the Financial Markets Administrative Tribunal for orders to fix the situation or strip the profit from the non-compliance.

262.1. Following a failure to comply with a requirement under securities legislation, the Authority may request the Financial Markets Administrative Tribunal to issue one or more of the following orders against any person in order to remedy the situation or to deprive a person of the profit realized as a result of the non-compliance: (1) an order requiring the person to comply with (a) any provision of this Act or the regulations or any other Act or regulation governing securities; (b) any decision of the Authority under this Act or the regulations; (c) any regulation, rule or policy of a self-regulating organization or securities exchange, or any decision or order rendered by the Tribunal on the basis of such a regulation, rule or policy; (2) an order requiring the person to submit to a review by the Authority of the person’s practices and procedures and to institute such changes as may be directed by the Authority; (3) an order rescinding any transaction entered into by the person relating to trading in securities, and directing the person to repay to a security holder any part of the money paid by the security holder for securities; (4) an order requiring the person to issue, purchase, exchange or dispose of securities; (5) an order prohibiting the voting or exercise of any other right attaching to securities by the person; (6) an order requiring the person to produce financial statements in the form required by securities legislation, or an accounting in such other form as may be determined by the Tribunal; (7) an order directing the person to hold a shareholders’ meeting; (8) an order directing rectification of the registers or other records of the person; (9) an order requiring the person to disgorge to the Authority amounts obtained as a result of the non-compliance. 2008, c. 7, s. 159; 2009, c. 58, s. 115; 2016, c. 7, s. 179.
Section 262.1Verify source
§ 262.2Section 262.2Provision

Source excerpt

If the Tribunal makes an order under section 262.1(9) and the proof shows losses from the non-compliance, it must order the Authority to submit proposed terms for administering and possibly distributing disgorged amounts.

262.2. If the Tribunal issues an order under paragraph 9 of section 262.1, the Tribunal must, if the proof justifying the order shows that persons sustained a loss in the course of the non-compliance referred to in that paragraph 9, order the Authority to submit to the Tribunal the terms under which the amounts disgorged to the Authority will be administered and may be distributed to the persons who have sustained a loss, unless it is shown to the Tribunal that the amounts so disgorged are less than those to be incurred for their distribution. The terms must provide the following at a minimum: (1) the rules according to which the amounts will be deposited with a deposit institution authorized under the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2) or a bank or otherwise invested until the distribution ends; (2) the conditions to meet to be entitled to participate in the distribution of the amounts disgorged, including the time limit after which a person may not participate; (3) the means that must be taken to notify the persons concerned of the possibility of participating in the distribution of the amounts; and (4) the date on which the distribution is to end should the amounts disgorged not be distributed in their entirety. 2018, c. 23, s. 704.
Section 262.2Verify source
§ 262.3Section 262.3Provision

Source excerpt

The Authority must publish its proposed terms in its bulletin at least 30 days before sending them to the Tribunal.

262.3. The Authority must publish the terms that it proposes in its bulletin at least 30 days before submitting them to the Tribunal. Any interested person may contest the terms before the Tribunal, except the person responsible for the non-compliance against whom the order was issued under paragraph 9 of section 262.1. The Tribunal shall approve the terms submitted by the Authority with or without amendments; it may also order the Authority to submit new terms. 2018, c. 23, s. 704.
Section 262.3Verify source
§ 262.4Section 262.4Amendment

Source excerpt

The Authority must administer and distribute the amounts according to terms approved by the Tribunal.

262.4. The Authority shall administer and distribute the amounts in accordance with the terms approved by the Tribunal. The rules for the simple administration of the property of others apply to the Authority with respect to the amounts disgorged to it while the terms of their administration and distribution have not been approved by the Tribunal. The Authority may amend the terms by following the procedure provided for in section 262.3. 2018, c. 23, s. 704.
Section 262.4Verify source
§ 262.5Section 262.5Provision

Source excerpt

If the Tribunal orders disgorged amounts to be paid to the Authority without requiring administration and distribution terms, the Authority must pay those amounts to the Minister of Finance.

262.5. If the Tribunal issues an order under paragraph 9 of section 262.1 directing that amounts be disgorged to the Authority without ordering the Authority to submit terms of administration and distribution, the Authority must pay the amounts to the Minister of Finance. The same applies to the balance of the amounts disgorged to the Authority remaining, if any, on the date on which a distribution ends. 2018, c. 23, s. 704.
Section 262.5Verify source
§ 263Section 263Provision

Source excerpt

The Authority may exempt a person or group from requirements under Titles II to VI or the regulations, subject to conditions and if the exemption would not harm investor protection.

263. The Authority may, on such conditions as it may determine, exempt a person or a group of persons from any or all of the requirements under Titles II to VI or the regulations where it considers the exemption not to be detrimental to the protection of investors. The decision is without appeal. 1982, c. 48, s. 263; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 263Verify source
§ 264Section 264Provision

Source excerpt

The Financial Markets Administrative Tribunal may deny an exemption if it considers that necessary to protect investors.

264. The Financial Markets Administrative Tribunal may deny the benefit of an exemption contained in this Act or the regulations where it considers it necessary to do so to protect investors. In particular, the Financial Markets Administrative Tribunal may deny the benefit of an exemption to any person who has (1) made improper use of such an exemption; (2) contravened this Act or the regulations; (3) contravened any other provision regarding securities; (4) contravened the rules of a recognized stock exchange. 1982, c. 48, s. 264; 2002, c. 45, s. 696; 2009, c. 58, s. 117; 2016, c. 7, s. 179.
Section 264Verify source
§ 265Section 265Provision

Source excerpt

The Tribunal may order a person, or a person/category of persons, to stop activity related to securities transactions. In some disclosure-failure cases, that power is exercised by the Authority, which may do so without first allowing observations or record-completion documents.

265. The Financial Markets Administrative Tribunal may order a person to cease any activity in respect of a transaction in securities. The Financial Markets Administrative Tribunal may, furthermore, order any person or category of persons to cease any activity in respect of a transaction in a particular security. In the case of failure by a reporting issuer to provide periodic disclosure about its business and internal affairs in accordance with the conditions determined by regulation or failure by an issuer or another person to provide any other disclosure prescribed by regulation in accordance with the conditions determined by regulation, the power to order a person to cease any activity in respect of a transaction in securities shall be exercised by the Authority. Despite the first paragraph of section 318, the Authority may exercise the power conferred on it by the third paragraph without allowing the person to present observations or submit documents to complete the person’s record. 1982, c. 48, s. 265; 2002, c. 45, s. 696; O.C. 46-2004, s. 1; 2004, c. 37, s. 90; 2006, c. 50, s. 84; 2009, c. 58, s. 117; 2016, c. 7, ss. 160 and 179.
Section 265Verify source
§ 266Section 266Provision

Source excerpt

The Financial Markets Administrative Tribunal may order a person to stop acting as an adviser or investment fund manager.

266. The Financial Markets Administrative Tribunal may also order a person to cease acting as an adviser or as an investment fund manager. 1982, c. 48, s. 266; 2002, c. 45, s. 696; 2009, c. 25, s. 39; 2009, c. 58, s. 118; 2016, c. 7, s. 179.
Section 266Verify source
§ 267Section 267Provision

Source excerpt

An order under section 265 or 266 takes effect when the person concerned is notified or becomes aware of it.

267. An order made under section 265 or 266 has effect from the time the person concerned is notified or becomes aware of it. In the case of an order concerning a category of persons, publication of the order in the Bulletin or its distribution by any other medium ordinarily available to the persons concerned in the exercise of their profession is valid as notification under the first paragraph. 1982, c. 48, s. 267.
Section 267Verify source
§ 268Section 268Provision

Source excerpt

The Authority may apply to a judge of the Superior Court for an injunction about any matter relating to the Act or the regulations.

268. The Authority may apply to a judge of the Superior Court for an injunction in respect of any matter relating to this Act or the regulations. The application for an injunction is an action. The procedure prescribed in the Code of Civil Procedure (chapter C‐25.01) applies, except that the Authority is not required to give security. 1982, c. 48, s. 268; 2002, c. 45, s. 696; 2004, c. 37, s. 90; I.N. 2016-01-01 (NCCP).
Section 268Verify source
§ 269Section 269Provision

Source excerpt

The Authority may intervene, on its own initiative and without notice, in a civil action relating to this Act or the regulations.

269. The Authority may, of its own initiative and without notice, intervene in any civil action relating to any provision of this Act or the regulations. 1982, c. 48, s. 269; 1987, c. 40, s. 27; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 269Verify source
§ 269.1Section 269.1Provision

Source excerpt

The Authority has an interest to bring any action provided for by section 233.1.

269.1. The Authority has an interest to bring any action provided for by section 233.1. 1984, c. 41, s. 62; 1987, c. 40, s. 28; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 269.1Verify source
§ 269.2Section 269.2Provision

Source excerpt

The Authority may ask the court to declare that a person failed to meet an obligation under the Act or a regulation and to award damages-related relief.

269.2. The Authority may, where it considers it to be in the public interest, apply to the court for a declaration to the effect that a person has failed to discharge an obligation under this Act or a regulation, and that the person be condemned to pay damages up to the amount of the damage caused to other persons. The court may also impose punitive damages, or order the person to repay the profits derived as a result of the failure. An application by the Authority under this section shall be filed in the district in which the residence or principal establishment of the person concerned is situated or, if the person has neither residence nor establishment in Québec, in the district of Montréal. 2001, c. 38, s. 72; 2002, c. 45, s. 696; 2004, c. 37, s. 90; I.N. 2016-01-01 (NCCP).
Section 269.2Verify source
§ 270Section 270Provision

Source excerpt

The Financial Markets Administrative Tribunal may prohibit or restrict representations related to a transaction in a particular security.

270. The Financial Markets Administrative Tribunal may prohibit or place restrictions on representations in view of a transaction in a particular security. 1982, c. 48, s. 270; 2002, c. 45, s. 696; 2009, c. 58, s. 119; 2016, c. 7, s. 179.
Section 270Verify source
§ 271Section 271Provision

Source excerpt

The Authority may require a registrant to submit an advertising document before using it, and may prohibit its use or require changes.

271. The Authority may order a registrant to submit any advertising document to it before using it. The Authority may prohibit the use of the advertising document or require it to be changed. 1982, c. 48, s. 271; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 271Verify source
§ 272Section 272Offence

Source excerpt

The Authority may refuse to file documents if they were prepared or signed by a person convicted within the previous five years of certain securities-related offences, unless that person has been pardoned.

272. The Authority may refuse the filing of documents part or all of which were prepared or signed by a person who during the five years preceding the date of the filing has been convicted of a disciplinary, penal or indictable offence in a matter pertaining to securities, unless he has obtained a pardon therefor. 1982, c. 48, s. 272; 1990, c. 4, s. 900; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 272Verify source
§ 272.1Section 272.1Provision

Source excerpt

The Authority may take steps to ensure compliance with undertakings, this Act, and the regulations.

272.1. The Authority may, of its own initiative or upon application by an interested person, take any steps to ensure compliance with an undertaking given to the Authority and with the provisions of this Act and the regulations. It may, in particular, require changes to any document established under this Act or the regulations, prohibit circulation of a document or order circulation of any changes to an existing document or information. 1990, c. 77, s. 47; 2002, c. 45, s. 696; 2004, c. 37, s. 90; 2006, c. 50, s. 85; 2008, c. 24, s. 214.
Section 272.1Verify source
§ 272.2Section 272.2Provision

Source excerpt

The Authority may, on its own initiative or on application by an interested person, designate or remove certain fund or issuer statuses if it considers that to be in the public interest.

272.2. Of its own initiative or on application by an interested person, the Authority may designate a person to be a non-redeemable investment fund, a mutual fund, an insider or a reporting issuer for the purposes of this Act or decide that a person does not have such a status, if it considers it to be in the public interest to do so. 2006, c. 50, s. 86.
Section 272.2Verify source
§ 273Section 273Provision

Source excerpt

The Financial Markets Administrative Tribunal may reprimand a registrant or a self-regulatory organization.

273. The Financial Markets Administrative Tribunal may reprimand a registrant or a self-regulatory organization. The Financial Markets Administrative Tribunal must give the person concerned prior opportunity to be heard. 1982, c. 48, s. 273; 2002, c. 45, s. 696; 2009, c. 58, s. 119; 2016, c. 7, s. 179.
Section 273Verify source
§ 273.1Section 273.1Offence

Source excerpt

The Tribunal may impose an administrative penalty when it finds a person contravened or aided in contravening a provision or regulation.

273.1. Where the Financial Markets Administrative Tribunal becomes aware of facts establishing that a person has, by an act or omission, contravened, or aided in the contravention of, a provision under this Act or a regulation made under its authority, the Tribunal may impose an administrative penalty on the offender and have it collected by the Authority. The amount of the penalty may in no case exceed $2,000,000 for each contravention. If a contravention continues for more than one day, it constitutes a separate contravention for each day it continues. 2001, c. 38, s. 73; 2002, c. 45, s. 641; O.C. 1366-2003, s. 15; 2004, c. 37, s. 23; 2006, c. 50, s. 87, s. 111; 2008, c. 7, s. 160; 2009, c. 58, s. 120; 2011, c. 26, s. 81; 2016, c. 7, s. 179; 2025, c. 16, s. 119.
Section 273.1Verify source
§ 273.2Section 273.2Offence

Source excerpt

The Tribunal may order a person covered by section 273.1 to repay the Authority for inspection or investigation costs, at a rate set by regulation, in addition to any penalty already provided.

273.2. The Financial Markets Administrative Tribunal may impose on a person referred to in section 273.1, in addition to a penalty provided for therein, the obligation to repay to the Authority the cost of any inspection or investigation that provided proof of the facts establishing the failure to comply with the provision concerned, according to the rate established by regulation. 2001, c. 38, s. 73; 2002, c. 45, s. 696; O.C. 46-2004, s. 2; 2004, c. 37, s. 90; 2009, c. 58, s. 121; 2016, c. 7, s. 179.
Section 273.2Verify source
§ 273.3Section 273.3Offence

Source excerpt

The Tribunal may bar a person from serving as a director or officer of certain financial-market entities, for specified grounds, for up to five years, and may later lift the bar at the person’s request.

273.3. The Financial Markets Administrative Tribunal may prohibit a person from acting as a director or officer of an issuer, dealer, adviser or investment fund manager on the grounds set out in article 329 of the Civil Code, or where a penalty has been imposed on the person under this Act, the Act respecting the distribution of financial products and services (chapter D-9.2) or the Derivatives Act (chapter I-14.01). The prohibition imposed by the Financial Markets Administrative Tribunal may not exceed five years. The Financial Markets Administrative Tribunal may, at the request of the person concerned, lift the prohibition on such conditions as it considers appropriate. 2001, c. 38, s. 73; 2002, c. 45, s. 696; 2006, c. 50, s. 111; 2009, c. 25, s. 40; 2009, c. 58, s. 122; 2011, c. 26, s. 82; 2016, c. 7, s. 179.
Section 273.3Verify source
§ 274Section 274Provision

Source excerpt

The Authority may make policy statements about how it will carry out this Act.

274. The Authority may make policy statements relating to the carrying out of this Act. The policy statements set out how the Authority intends to exercise its discretionary powers for the purposes of the administration of this Act. 1982, c. 48, s. 274; 1989, c. 48, s. 255; 2001, c. 38, s. 74; 2002, c. 45, s. 696; 2004, c. 37, s. 90; 2008, c. 24, s. 215.
Section 274Verify source
§ 274.1Section 274.1Offence

Source excerpt

The Authority may impose a monetary administrative penalty for non-compliance with Title II or III, subject to regulatory conditions and amounts, except for section 73 on timely disclosure of a material change by a reporting issuer.

274.1. The Authority may impose a monetary administrative penalty for a contravention of or failure to comply with the provisions of, or a regulation under, Title II or III, except section 73 as regards timely disclosure of a material change by a reporting issuer, in the cases, on the conditions and in the amounts prescribed by regulation. 2004, c. 37, s. 24; 2006, c. 50, s. 88; 2009, c. 58, s. 123; 2018, c. 23, s. 809.
Section 274.1Verify source
§ 275Section 275Offence

Source excerpt

If the responsible party defaults on a monetary administrative penalty, its directors and officers are solidarily liable for payment unless they prove due care and diligence to prevent the failure.

275. If the party responsible for a failure to comply has defaulted on payment of a monetary administrative penalty, its directors and officers are solidarily liable with that party for the payment of the penalty, unless they establish that they exercised due care and diligence to prevent the failure. 1982, c. 48, s. 275; 1997, c. 36, s. 1; 2024, c. 15, s. 74.
Section 275Verify source
§ 275.1Section 275.1Offence

Source excerpt

A monetary administrative penalty is secured by a legal hypothec on the debtor’s movable and immovable property.

275.1. The payment of a monetary administrative penalty is secured by a legal hypothec on the debtor’s movable and immovable property. For the purposes of this chapter, “debtor” means the party responsible for a failure to comply that is required to pay a monetary administrative penalty and, if applicable, each of its directors and officers, who are solidarily liable with that party for the payment of the penalty. 2024, c. 15, s. 74.
Section 275.1Verify source
§ 275.2Section 275.2Offence

Source excerpt

The debtor and the Authority may make a payment agreement for a monetary administrative penalty owing.

275.2. The debtor and the Authority may enter into a payment agreement with regard to a monetary administrative penalty owing. Such an agreement, or the payment of the amount owing, does not constitute, for the purposes of any other administrative penalty under this Act, an acknowledgement of the facts giving rise to it. 2024, c. 15, s. 74.
Section 275.2Verify source
§ 275.3Section 275.3Offence

Source excerpt

The Authority may issue a recovery certificate for an unpaid monetary administrative penalty or breached payment agreement, and the certificate must list the debtor’s name, address, and the debt amount.

275.3. If the monetary administrative penalty owing is not paid in its entirety or the payment agreement is not adhered to, the Authority may issue a recovery certificate on the expiry of the time for applying for a review of the decision to impose the penalty, on the expiry of the time for contesting the review decision before the Financial Markets Administrative Tribunal or on the expiry of 30 days after the final decision of the Tribunal confirming all or part of the decision to impose the penalty or the review decision, as the case may be. However, a recovery certificate may be issued before the expiry of the time referred to in the first paragraph if the Authority is of the opinion that the debtor is attempting to evade payment. A recovery certificate must state the debtor’s name and address and the amount of the debt. 2024, c. 15, s. 74.
Section 275.3Verify source
§ 275.4Section 275.4Provision

Source excerpt

After a recovery certificate is issued, a debtor’s refund from the Minister of Revenue may be withheld to pay the amount stated in the certificate.

275.4. Once a recovery certificate has been issued, any refund owed to a debtor by the Minister of Revenue may, in accordance with section 31 of the Tax Administration Act (chapter A-6.002), be withheld for payment of the amount due referred to in the certificate. Such withholding interrupts the prescription provided for in the Civil Code with regard to the recovery of an amount owing. 2024, c. 15, s. 74.
Section 275.4Verify source
§ 275.5Section 275.5Provision

Source excerpt

275.5. On the filing of the recovery certificate at the office of the competent court, together with a copy of the final decision stating the amount of the debt, the decision becomes enforceable as if it were a final judgment of that court

275.5. On the filing of the recovery certificate at the office of the competent court, together with a copy of the final decision stating the amount of the debt, the decision becomes enforceable as if it were a final judgment of that court not subject to appeal, and has all the effects of such a judgment. 2024, c. 15, s. 74.
Section 275.5Verify source
§ 275.6Section 275.6Provision

Source excerpt

The debtor must pay a recovery charge when, and in the amount, set by the Minister’s regulation.

275.6. The debtor is required to pay a recovery charge in the cases, under the conditions and in the amount determined by regulation of the Minister. 2024, c. 15, s. 74.
Section 275.6Verify source
§ 276Section 276Provision

Source excerpt

The Autorité des marchés financiers administers this Act and must carry out the functions and powers given under it.

276. The Autorité des marchés financiers established under section 1 of the Act respecting the regulation of the financial sector (chapter E-6.1) is responsible for the administration of this Act and shall discharge the functions and exercise the powers specified thereunder. In addition, the Authority’s mission is (1) to promote efficiency in the securities market; (2) to protect investors against unfair, improper or fraudulent practices; (3) to regulate the information that must be disclosed to security holders and to the public in respect of persons engaging in the distribution of securities and in respect of the securities issued by these persons; (4) to define a framework for the activities of the professionals of the securities market and organizations responsible for the operation of a stock market. 1982, c. 48, s. 276; 2002, c. 45, s. 644; 2004, c. 37, s. 90; 2018, c. 23, s. 811.
Section 276Verify source
§ 276.1Section 276.1Repeal

Source excerpt

Section 276.1 is repealed.

276.1. (Repealed). 1997, c. 36, s. 2; 1999, c. 40, s. 327; 2002, c. 45, s. 645.
Section 276.1Verify source
§ 276.2Section 276.2Provision

Source excerpt

The Authority may provide consulting and implementation services on securities market regulation to bodies outside Québec involved in that regulation.

276.2. The Authority may provide consulting and implementation services related to the regulation of the securities market to bodies outside Québec involved in such regulation. 1997, c. 36, s. 2; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 276.2Verify source
§ 276.3Section 276.3Provision

Source excerpt

The Authority must advise the Minister on any matter the Minister submits concerning securities.

276.3. The Authority shall advise the Minister on any matter he submits to it concerning securities. 1997, c. 36, s. 2; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 276.3Verify source
§ 276.4Section 276.4Repeal

Source excerpt

Section 276.4 is repealed.

276.4. (Repealed). 1997, c. 36, s. 2; 2002, c. 45, s. 646; 2004, c. 37, s. 90; 2008, c. 7, s. 162.
Section 276.4Verify source
§ 276.5Section 276.5Repeal

Source excerpt

Section 276.5 is repealed.

276.5. (Repealed). 1997, c. 36, s. 2; 2002, c. 45, s. 647.
Section 276.5Verify source
§ 277Section 277Repeal

Source excerpt

Section 277 is repealed.

277. (Repealed). 1982, c. 48, s. 277; 2001, c. 38, s. 75; 2002, c. 45, s. 647.
Section 277Verify source
§ 278Section 278Repeal

Source excerpt

Section 278 is repealed.

278. (Repealed). 1982, c. 48, s. 278; 2002, c. 45, s. 647.
Section 278Verify source
§ 278.1Section 278.1Repeal

Source excerpt

Section 278.1 is repealed.

278.1. (Repealed). 1997, c. 36, s. 3; 2002, c. 45, s. 647.
Section 278.1Verify source
§ 279Section 279Repeal

Source excerpt

Section 279 is repealed.

279. (Repealed). 1982, c. 48, s. 279; 1999, c. 40, s. 327; 2002, c. 45, s. 647.
Section 279Verify source
§ 280Section 280Repeal

Source excerpt

Section 280 is repealed.

280. (Repealed). 1982, c. 48, s. 280; 2002, c. 45, s. 647.
Section 280Verify source
§ 281Section 281Repeal

Source excerpt

Section 281 is repealed.

281. (Repealed). 1982, c. 48, s. 281; 2001, c. 38, s. 76.
Section 281Verify source
§ 281.1Section 281.1Repeal

Source excerpt

Section 281.1 is repealed.

281.1. (Repealed). 2001, c. 38, s. 77; 2002, c. 45, s. 647.
Section 281.1Verify source
§ 282Section 282Repeal

Source excerpt

Section 282 is repealed.

282. (Repealed). 1982, c. 48, s. 282; 2002, c. 45, s. 647.
Section 282Verify source
§ 283Section 283Provision

Source excerpt

No proceeding may be brought against the Authority, its personnel, its appointed agent, or anyone exercising a delegated power for official acts done in good faith in the exercise of their functions.

283. No proceeding may be brought against the Authority, a member of its personnel, its appointed agent or any person exercising a delegated power, for official acts done in good faith in the exercise of their functions. 1982, c. 48, s. 283; 1984, c. 41, s. 63; 2001, c. 38, s. 78; 2002, c. 45, s. 648; 2004, c. 37, s. 91.
Section 283Verify source
§ 283.1Section 283.1Provision

Source excerpt

The Authority may delegate certain powers only to a superintendent or to another officer reporting directly to the president and director general.

283.1. The Authority may delegate its powers to review its decisions, order an investigation under section 239, institute court proceedings under this Act in the name of the Authority or make a decision under Title VI only to a superintendent or to another officer reporting directly to the president and director general of the Authority. The first paragraph does not prevent the Authority from delegating its powers in accordance with Chapter II of this Title. 2006, c. 50, s. 90.
Section 283.1Verify source
§ 284Section 284Provision

Source excerpt

Judicial review applications and injunctions are not allowed against the Authority, its personnel, or its agents acting in their official capacity.

284. No application for judicial review under the Code of Civil Procedure (chapter C-25.01) may be exercised nor any injunction granted against the Authority, the members of its personnel or its agents acting in their official capacity. 1982, c. 48, s. 284; 2002, c. 45, s. 649; 2004, c. 37, s. 90; I.N. 2016-01-01 (NCCP).
Section 284Verify source
§ 285Section 285Provision

Source excerpt

This section is inoperative.

285. (Inoperative). 1982, c. 48, s. 285; 2002, c. 45, s. 696; 2004, c. 37, s. 90; I.N. 2016-01-01 (NCCP).
Section 285Verify source
§ 286Section 286Provision

Source excerpt

A Court of Appeal judge may, on application, summarily annul a decision that was made contrary to section 284 or 285.

286. A judge of the Court of Appeal, upon an application, may annul summarily any decision rendered contrary to section 284 or 285. 1982, c. 48, s. 286; I.N. 2016-01-01 (NCCP).
Section 286Verify source
§ 287Section 287Repeal

Source excerpt

Section 287 is repealed.

287. (Repealed). 1982, c. 48, s. 287; 1996, c. 2, s. 990; 2002, c. 45, s. 650.
Section 287Verify source
§ 288Section 288Repeal

Source excerpt

Section 288 is repealed.

288. (Repealed). 1982, c. 48, s. 288; 2002, c. 45, s. 650.
Section 288Verify source
§ 289Section 289Repeal

Source excerpt

Section 289 is repealed.

289. (Repealed). 1982, c. 48, s. 289; 2002, c. 45, s. 650.
Section 289Verify source
§ 290Section 290Repeal

Source excerpt

Section 290 is repealed.

290. (Repealed). 1982, c. 48, s. 290; 2002, c. 45, s. 650.
Section 290Verify source
§ 291Section 291Repeal

Source excerpt

Section 291 is repealed.

291. (Repealed). 1982, c. 48, s. 291; 2002, c. 45, s. 650.
Section 291Verify source
§ 292Section 292Provision

Source excerpt

The Authority may appoint an expert if it considers the expert’s assistance expedient for carrying out its mission under the Act.

292. The Authority may appoint any expert whose assistance it deems expedient in the pursuit of the mission conferred on it by this Act. 1982, c. 48, s. 292; 2002, c. 45, s. 651; 2004, c. 37, s. 90.
Section 292Verify source
§ 293Section 293Provision

Source excerpt

Required documents must be sent to or filed at the Authority’s office at the place the Authority تعیینs.

293. Every document required under this Act or a regulation made hereunder must be forwarded to or deposited at the office of the Authority, at the place determined by the Authority; notice of the address of the office shall be published in the Gazette officielle du Québec and in the Authority’s bulletin. 1982, c. 48, s. 293; 2002, c. 45, s. 652; 2004, c. 37, s. 90.
Section 293Verify source
§ 294Section 294Provision

Source excerpt

Documents intended for the Authority must be served on the secretary.

294. Documents intended for the Authority are served on the secretary. 1982, c. 48, s. 294; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 294Verify source
§ 294.1Section 294.1Substitution

Source excerpt

The Authority may allow substitute documents or attestations, including other documents with equivalent information, instead of those required by the Act or a regulation.

294.1. The Authority may allow a document or attestation required by the legislation of another legislative authority to be substituted for a document or attestation prescribed by this Act or a regulation made under this Act. The Authority may also accept the substitution of other documents for such documents and attestations, provided that they contain equivalent information. 2001, c. 38, s. 79; 2002, c. 45, s. 696; 2004, c. 37, s. 90; 2006, c. 50, s. 92.
Section 294.1Verify source
§ 295Section 295Repeal

Source excerpt

This section is repealed.

295. (Repealed). 1982, c. 48, s. 295; 2002, c. 45, s. 696; 2004, c. 37, s. 90; 2018, c. 23, s. 705.
Section 295Verify source
§ 295.1Section 295.1Repeal

Source excerpt

Section 295.1 is repealed.

295.1. (Repealed). 1990, c. 77, s. 48; 2002, c. 45, s. 696; 2004, c. 37, s. 90; 2006, c. 50, s. 93; 2008, c. 7, s. 162.
Section 295.1Verify source
§ 295.2Section 295.2Repeal

Source excerpt

Section 295.2 is repealed.

295.2. (Repealed). 2002, c. 45, s. 653; 2004, c. 37, s. 90; 2008, c. 7, s. 162.
Section 295.2Verify source
§ 296Section 296Provision

Source excerpt

Any person may access documents required to be filed under this Act or the regulations, except certain documents filed by a registrant outside Title III requirements.

296. Any person may have access to all documents required to be filed under this Act or the regulations, except documents filed by a registrant otherwise than pursuant to the requirements prescribed in Title III. Where the Authority deems that the communication of a document could result in serious prejudice, it may declare the document inaccessible. This section applies notwithstanding section 9 of the Act respecting Access to documents held by public bodies and the Protection of personal information (chapter A‐2.1). 1982, c. 48, s. 296; 1987, c. 68, s. 120; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 296Verify source
§ 297Section 297Provision

Source excerpt

Inspection of investigation reports, inspection reports, and supporting evidence is allowed only with the Authority’s authorization.

297. Investigation reports, inspection reports and supporting evidence may be inspected only with the authorization of the Authority, notwithstanding section 9 of the Act respecting Access to documents held by public bodies and the Protection of personal information (chapter A‐2.1). 1982, c. 48, s. 297; 1987, c. 68, s. 121; 1990, c. 77, s. 49; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 297Verify source
§ 297.1Section 297.1Offence

Source excerpt

The Authority may disclose information, including personal information, in specified law-enforcement, securities-regulatory, and fiscal-law contexts without the person’s consent.

297.1. The Authority may communicate any information, including personal information, without the consent of the person concerned, to a person or organization responsible, by law, for the prevention, detection or repression of crime or statutory offences outside Québec, if the information relates to an offence under this Act or under securities legislation applicable outside Québec. The Authority may also communicate any information, including personal information, about an issuer, a person to which section 151.1.1 applies, an issuer’s auditor, a person required to be registered under Title V, an officer, a director, an insider, a promoter or a person having, even indirectly, significant influence on an issuer, a registrant, a self-regulatory organization, a person referred to in section 169, 171 or 186.1 or a company involved in a take-over bid or issuer bid or a merger or reorganization, without the consent of the person concerned, to a person, even outside Québec, acting in the securities regulation or monitoring field or to a central bank, including for the purposes of a common database containing personal information. Likewise, the Authority may communicate any information, including personal information, without the consent of the person concerned, to a police force if there is reasonable cause to believe that the person has committed or is about to commit a criminal or penal offence against an Act applicable in or outside Québec with respect to the Authority or one of its employees or relating to a securities provision and the information is required for the related investigation. The Authority may also communicate any information, including personal information, to the Minister of Revenue, without the consent of the person concerned, if there is reasonable cause to believe that the person has committed or is about to commit an offence under this Act that may have an impact on the administration or enforcement of a fiscal law. 2001, c. 38, s. 80; 2002, c. 45, s. 696; 2004, c. 37, s. 27, s. 90; 2006, c. 50, s. 94; 2013, c. 18, s. 111.
Section 297.1Verify source
§ 297.2Section 297.2Offence

Source excerpt

297.2. In a case not provided for in section 297.1, with the authorization of a judge of the Court of Québec, the Authority may communicate any information, including personal information, without the consent of the person concerned, to a

297.2. In a case not provided for in section 297.1, with the authorization of a judge of the Court of Québec, the Authority may communicate any information, including personal information, without the consent of the person concerned, to a member of a police force. The application for authorization must be made in writing and contain an affidavit that there is reasonable cause to believe the information may serve to prevent, detect or repress the commission of an indictable offence against an Act applicable in or outside Québec. The application and the record pertaining to the hearing are confidential. The clerk of the Court of Québec shall take the necessary measures to preserve their confidentiality. The judge to whom the application for authorization is made shall hear the application ex parte and in camera. The judge may make any order to preserve the confidentiality of the application, the record and the personal information. The record shall be sealed and kept in a place inaccessible to the public. 2004, c. 37, s. 28; I.N. 2016-01-01 (NCCP).
Section 297.2Verify source
§ 297.3Section 297.3Provision

Source excerpt

The Authority may share information, including personal information, without the person’s consent, if the disclosure is made to a person under an agreement or treaty entered into under an Act.

297.3. The Authority may communicate any information, including personal information, without the consent of the person concerned, to a person pursuant to an agreement or treaty entered into under an Act. 2004, c. 37, s. 28; 2006, c. 50, s. 95.
Section 297.3Verify source
§ 297.4Section 297.4Provision

Source excerpt

The Authority may enter into an agreement with a department or body to communicate personal information, if it follows section 68 of the cited access-to-information law.

297.4. The Authority may, in accordance with section 68 of the Act respecting Access to documents held by public bodies and the Protection of personal information (chapter A‐2.1), enter into an agreement with a department or a body for the communication of personal information to facilitate the administration or enforcement of securities and fiscal legislation and penal or criminal legislation. 2004, c. 37, s. 28.
Section 297.4Verify source
§ 297.5Section 297.5Repeal

Source excerpt

Section 297.5 is repealed.

297.5. (Repealed). 2004, c. 37, s. 28; 2009, c. 25, s. 41.
Section 297.5Verify source
§ 297.6Section 297.6Provision

Source excerpt

297.6. Sections 297.1 to 297.5 apply despite sections 23 and 24 and subparagraphs 5 and 9 of the first paragraph of section 28 of the Act respecting Access to documents held by public bodies and the Protection of personal information

297.6. Sections 297.1 to 297.5 apply despite sections 23 and 24 and subparagraphs 5 and 9 of the first paragraph of section 28 of the Act respecting Access to documents held by public bodies and the Protection of personal information (chapter A‐2.1), and sections 297.1, 297.2 and 297.5 apply despite section 59 of that Act. 2004, c. 37, s. 28.
Section 297.6Verify source
§ 298Section 298Provision

Source excerpt

The Authority must publish a periodic bulletin about its activities for financial circles.

298. The Authority must publish a bulletin periodically to inform financial circles of its activities. The Bulletin must contain, in particular, applications received, decisions rendered, policy statements and information filed. 1982, c. 48, s. 298; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 298Verify source
§ 299Section 299Repeal

Source excerpt

Section 299 is repealed.

299. (Repealed). 1982, c. 48, s. 299; 1983, c. 55, s. 161; 1997, c. 36, s. 4; 2000, c. 8, s. 223; 2002, c. 45, s. 654.
Section 299Verify source
§ 300Section 300Repeal

Source excerpt

Section 300 is repealed.

300. (Repealed). 1982, c. 48, s. 300; 2001, c. 38, s. 81.
Section 300Verify source
§ 301Section 301Repeal

Source excerpt

Section 301 is repealed.

301. (Repealed). 1982, c. 48, s. 301; 1983, c. 55, s. 161; 2001, c. 38, s. 82; 2002, c. 45, s. 654.
Section 301Verify source
§ 301.1Section 301.1Repeal

Source excerpt

Section 301.1 is repealed.

301.1. (Repealed). 1997, c. 36, s. 5; 2002, c. 45, s. 654.
Section 301.1Verify source
§ 302Section 302Provision

Source excerpt

The Authority must submit an annual activities report to the Minister by 31 July each year, covering the preceding year.

302. The Authority must, no later than 31 July each year, submit to the Minister a report of its activities related to the administration of this Act for the preceding year. The Minister shall table the Authority’s activities report in the National Assembly within 30 days of its receipt or, if the Assembly is not sitting, within 30 days of resumption. 1982, c. 48, s. 302; 1982, c. 62, s. 143; 2002, c. 45, s. 655; 2004, c. 37, s. 90.
Section 302Verify source
§ 302.1Section 302.1Provision

Source excerpt

Each fiscal year, the Authority must send the Office québécois de la langue française a report on its use of the power to grant exemptions under section 263, and the Office determines how the report is to be prepared.

302.1. At the end of every fiscal year, the Authority shall remit to the Office québécois de la langue française a report of the use it has made of its power to grant exemptions under section 263 with regard to the obligation enacted in section 40.1. The Office shall determine the mode of drawing up the report. 1983, c. 56, s. 45; 2002, c. 28, s. 37; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 302.1Verify source
§ 303Section 303Repeal

Source excerpt

Section 303 is repealed.

303. (Repealed). 1982, c. 48, s. 303; 2002, c. 45, s. 656; 2004, c. 37, s. 90; 2008, c. 7, s. 163.
Section 303Verify source
§ 304Section 304Repeal

Source excerpt

Section 304 is repealed.

304. (Repealed). 1982, c. 48, s. 304; 2002, c. 45, s. 657.
Section 304Verify source
§ 305Section 305Repeal

Source excerpt

Section 305 is repealed.

305. (Repealed). 1982, c. 48, s. 305; 2002, c. 45, s. 657.
Section 305Verify source
§ 305.1Section 305.1Provision

Source excerpt

This section defines terms used in this chapter and related sections, including extra-provincial authority, extra-provincial securities commission, extra-provincial securities laws, Québec authority, and Québec securities laws.

305.1. For the purposes of this chapter, section 5.4 and paragraphs 33.1 to 33.9 of section 331.1, unless the context indicates otherwise, “extra-provincial authority” means any power or function of an extra-provincial securities commission under the extra-provincial securities laws under which that commission operates; “extra-provincial securities commission” means a person empowered by the laws of another province or a territory of Canada to regulate the securities markets in or administer and enforce the securities laws of that province or territory; “extra-provincial securities laws” means the laws administered by an extra-provincial securities commission that deal with regulating securities markets and are equivalent to Québec securities laws; “Québec authority” means any power or function of the Authority or the Financial Markets Administrative Tribunal under Québec securities laws; “Québec securities laws” means (1) this Act; (2) any other Québec laws governing securities markets, including the Act respecting the regulation of the financial sector (chapter E-6.1) and the Act respecting the distribution of financial products and services (chapter D-9.2); (2.1) the Derivatives Act (chapter I-14.01); (3) regulations under any of the Acts referred to in paragraphs 1 to 2.1; (4) the decisions and orders of the Authority or the Financial Markets Administrative Tribunal; and (5) the extra-provincial securities laws provisions referred to in sections 308 and 308.0.1. Unless otherwise provided, a reference to an extra-provincial securities commission includes any person to which that securities commission delegates an authority and any other person that, in respect of that securities commission, exercises powers or performs functions substantially similar to a Québec authority. 2006, c. 50, s. 97; 2008, c. 24, s. 216; 2009, c. 58, s. 124; 2016, c. 7, s. 179; 2018, c. 23, s. 811.
Section 305.1Verify source
§ 306Section 306Provision

Source excerpt

The Government may, and the Authority may with Government authorization, enter into agreements with another government or an extra-provincial securities commission to delegate a Québec authority and exercise an extra-provincial authority.

306. The Government or, with the Government’s authorization, the Authority may, according to law, enter into an agreement with another government or an extra-provincial securities commission for the delegation of a Québec authority and for the exercise of an extra-provincial authority in accordance with this chapter. 1982, c. 48, s. 306; 2002, c. 45, s. 696; 2004, c. 37, s. 90; 2006, c. 50, s. 98.
Section 306Verify source
§ 307Section 307Provision

Source excerpt

The Authority may, by regulation, delegate a Québec authority to an extra-provincial securities commission and accept to exercise an extra-provincial authority.

307. The Authority may, by regulation, delegate a Québec authority to an extra-provincial securities commission and accept to exercise an extra-provincial authority. 1982, c. 48, s. 307; 1986, c. 95, s. 338; 2001, c. 38, s. 83; 2002, c. 45, s. 658; O.C. 495-2004, s. 6; 2006, c. 50, s. 99.
Section 307Verify source
§ 307.1Section 307.1Provision

Source excerpt

The Authority may, under regulation-set conditions, delegate a Québec authority to an extra-provincial securities commission and accept to exercise an extra-provincial authority.

307.1. The Authority may also, by order or decision, to the extent and on the conditions determined by regulation, delegate a Québec authority to an extra-provincial securities commission and accept to exercise an extra-provincial authority. 2006, c. 50, s. 99.
Section 307.1Verify source
§ 307.2Section 307.2Provision

Source excerpt

The Authority may not delegate certain powers and functions under sections 306, 307, and 307.1.

307.2. The following powers and functions may not, however, be delegated under section 306, 307 or 307.1: (1) the powers and functions of the Authority under Title X of this Act, except those provided for in sections 310, 320.2, 321, 322, 331 and 331.1; (2) the powers and functions of the Authority under the Act respecting the regulation of the financial sector (chapter E-6.1), except those provided for in the third paragraph of section 24 and Title III; however, the power to make regulations under the third paragraph of section 61 in that Title may not be delegated; and (3) the powers and functions provided for in Titles V to VI of the Act respecting the distribution of financial products and services (chapter D-9.2); (4) the powers and functions provided for under sections 110 to 112, 174 and 175 of the Derivatives Act (chapter I-14.01). 2006, c. 50, s. 99; 2008, c. 24, s. 217; 2009, c. 25, s. 42; 2013, c. 18, s. 112; 2018, c. 23, s. 811.
Section 307.2Verify source
§ 307.3Section 307.3Provision

Source excerpt

The Authority may delegate or subdelegate certain extra-provincial authority to its personnel or a self-regulatory organization, subject to limits and conditions. An extra-provincial securities commission may do the same with a Québec authority, subject to the relevant securities laws and any restrictions or conditions imposed by the Authority.

307.3. The Authority may delegate or subdelegate to a member of its personnel or to a self-regulatory organization an extra-provincial authority that has been delegated to the Authority by an extra-provincial securities commission under section 306, 307 or 307.1, in the manner and to the extent that the Authority may delegate or subdelegate the equivalent Québec authority under Québec securities laws, subject to any restrictions or conditions imposed by the extra-provincial securities commission. An extra-provincial securities commission to which a Québec authority has been delegated under section 306, 307 or 307.1 may delegate or subdelegate that Québec authority to a member of its personnel or to a self-regulatory organization, in the manner and to the extent that it may delegate or subdelegate the equivalent extra-provincial authority under the extra-provincial securities laws under which it operates, subject to any restrictions or conditions imposed by the Authority. 2006, c. 50, s. 99.
Section 307.3Verify source
§ 307.4Section 307.4Provision

Source excerpt

The Authority or the Financial Markets Administrative Tribunal may take over a matter before an extra-provincial securities commission and exercise the delegated Québec authority instead of that commission.

307.4. The Authority or the Financial Markets Administrative Tribunal may call before it any matter that is before an extra-provincial securities commission exercising or intending to exercise a Québec authority delegated to it under section 306, 307 or 307.1, and may exercise that Québec authority in that commission’s stead. 2006, c. 50, s. 99; 2009, c. 58, s. 125; 2016, c. 7, s. 179.
Section 307.4Verify source
§ 307.5Section 307.5Provision

Source excerpt

A decision by an extra-provincial securities commission under certain sections is subject to section 322 of this Act and section 85 of the Act respecting the regulation of the financial sector, with necessary modifications.

307.5. A decision made under Québec securities laws by an extra-provincial securities commission in accordance with section 306, 307, 307.1 or 307.3 of this Act is subject to section 322 of this Act and to section 85 of the Act respecting the regulation of the financial sector (chapter E-6.1), with the necessary modifications, as if the decision were made by the Authority or a recognized self-regulatory organization. 2006, c. 50, s. 99; 2018, c. 23, s. 811.
Section 307.5Verify source
§ 307.6Section 307.6Provision

Source excerpt

Chapter III of Title IV applies to certain decisions by an extra-provincial securities commission, and the commission that made the appealed decision is the respondent.

307.6. Chapter III of Title IV of the Act respecting the regulation of the financial sector (chapter E-6.1) applies to a decision made by an extra-provincial securities commission in the exercise of a Québec authority delegated under section 306, 307 or 307.1 as if the decision were made by the Financial Markets Administrative Tribunal. The extra-provincial securities commission that made the decision under appeal is a respondent to an appeal under this section. 2006, c. 50, s. 99; 2009, c. 58, s. 126; 2013, c. 18, s. 113; 2016, c. 7, s. 179; 2018, c. 23, s. 811.
Section 307.6Verify source
§ 307.7Section 307.7Provision

Source excerpt

The Superior Court may recognize certain authenticated appeal decisions from an extra-provincial securities commission court on application by an interested person.

307.7. A decision made by a court in the jurisdiction of an extra-provincial securities commission on an appeal from a decision made by that securities commission in the exercise of a Québec authority delegated under section 306, 307 or 307.1 may, if authenticated by that court, be recognized by the Superior Court on the application of an interested person. The decision becomes enforceable on being so recognized. 2006, c. 50, s. 99.
Section 307.7Verify source
§ 307.8Section 307.8Provision

Source excerpt

Chapter III of Title IV applies to certain Tribunal decisions made under extra-provincial authority, and the section excludes decisions refusing to exempt a person or group from extra-provincial securities-law requirements.

307.8. Chapter III of Title IV of the Act respecting the regulation of the financial sector (chapter E-6.1) applies to a decision made by the Financial Markets Administrative Tribunal in the exercise of an extra-provincial authority under section 306, 307 or 307.1 as if the decision were made under this Act. This section does not apply to a decision refusing to exempt a person or group of persons from a requirement of extra-provincial securities laws. The right to appeal a decision under this section applies whether or not a right to appeal the same decision exists in another province or a territory of Canada. 2006, c. 50, s. 99; 2009, c. 58, s. 126; 2013, c. 18, s. 114; 2016, c. 7, s. 179; 2018, c. 23, s. 811.
Section 307.8Verify source
§ 308Section 308Provision

Source excerpt

The Authority may make a regulation that incorporates by reference any or all provisions of extra-provincial securities laws.

308. The Authority may, by regulation, incorporate by reference any or all provisions of extra-provincial securities laws. 1982, c. 48, s. 308; 1992, c. 35, s. 14; 2001, c. 38, s. 84; 2002, c. 45, s. 659; 2004, c. 37, s. 31; 2006, c. 50, s. 99.
Section 308Verify source
§ 308.0.1Section 308.0.1Provision

Source excerpt

Subject to regulatory conditions, the Authority may incorporate extra-provincial securities law provisions by order or decision for certain persons, securities, financial instruments, or transactions.

308.0.1. Subject to conditions determined by regulation, the Authority may, by order or decision, incorporate by reference any or all provisions of extra-provincial securities laws to be applied to a person or class of persons whose primary jurisdiction is the extra-provincial jurisdiction in which the provisions were first adopted, or to securities, related financial instruments or transactions involving that person or class of persons. 2006, c. 50, s. 99.
Section 308.0.1Verify source
§ 308.0.2Section 308.0.2Amendment

Source excerpt

The Authority may incorporate by reference a provision, including later amendments, when acting by an order, decision, or regulation under section 308 or 308.0.1.

308.0.2. The Authority may, by an order, decision or regulation under section 308 or 308.0.1, incorporate by reference a provision as amended from time to time, whether amended before or after the adoption of the order, decision or regulation, and with the necessary modifications. 2006, c. 50, s. 99.
Section 308.0.2Verify source
§ 308.0.3Section 308.0.3Provision

Source excerpt

The Authority, the Financial Markets Administrative Tribunal, or a recognized self-regulatory organization may make a Québec decision or order based on a substantially similar extra-provincial securities commission decision, subject to regulatory conditions.

308.0.3. Subject to conditions determined by regulation, the Authority, the Financial Markets Administrative Tribunal or a recognized self-regulatory organization may make a decision or order under a Québec authority regarding a person, class of persons, security, related financial instrument or transaction on the basis of a decision considered to be the same or substantially similar made by an extra-provincial securities commission on the same matter regarding that person, class of persons, security, related financial instrument or transaction. Despite any other provision of this Act, the Authority, the Financial Markets Administrative Tribunal or a recognized self-regulatory organization may make a decision referred to in the first paragraph without again giving the interested person an opportunity to be heard, except in the cases determined by regulation. 2006, c. 50, s. 99; 2009, c. 58, s. 127; 2016, c. 7, s. 179.
Section 308.0.3Verify source
§ 308.1Section 308.1Repeal

Source excerpt

Section 308.1 is repealed.

308.1. (Repealed). 2004, c. 37, s. 32; 2006, c. 50, s. 100; 2016, c. 7, s. 169.
Section 308.1Verify source
§ 308.1.1Section 308.1.1Provision

Source excerpt

The Authority may, by regulation, allow an extra-provincial authority to be recognized in Québec for listed areas, if the related Québec authority is recognized in the other jurisdiction.

308.1.1. The Authority may also, by regulation, allow an extra-provincial authority to be recognized in Québec in the areas specifically listed in the regulations, with respect to the persons or organizations subject to such authority. A regulation under the first paragraph is applicable only if the equivalent Québec authority is recognized in the jurisdiction of the extra-provincial securities commission with respect to the persons or organizations subject to such authority. 2006, c. 50, s. 101.
Section 308.1.1Verify source
§ 308.2Section 308.2Provision

Source excerpt

308.2. This division allows an agreement or regulation to stipulate, in the areas specifically listed in the agreement or regulation, (1) that the acts or decisions of an authority having jurisdiction in a province or territory are

308.2. This division allows an agreement or regulation to stipulate, in the areas specifically listed in the agreement or regulation, (1) that the acts or decisions of an authority having jurisdiction in a province or territory are recognized in the other province or territory; (2) that the powers exercised or the decisions made in a province or territory are presumed or deemed, as the case may be, to have been exercised or made in the other province or territory; and (3) that the persons or bodies having fulfilled certain obligations in a province or territory are exempted from fulfilling them in the other province or territory. 2004, c. 37, s. 32; 2006, c. 50, s. 102.
Section 308.2Verify source
§ 308.2.1Section 308.2.1Amendment

Source excerpt

The Authority may make rules or orders that treat certain receipts, issuer statuses, authorizations, recognitions, exemptions, or prohibitions as if they had been made under Québec securities law.

308.2.1. The Authority may, by regulation or to the extent and on the conditions determined by regulation, decision or order, determine that (1) a receipt is deemed to have been issued by the Authority in accordance with Title II or a regulation made under that Title for a prospectus or an amendment to a prospectus, including when a receipt has been issued for the same prospectus or the same amendment to a prospectus by an extra-provincial securities commission or under extra-provincial securities laws; (1.1) the status of the issuer or a category of issuer as a reporting issuer is deemed to be revoked in accordance with Title III or a regulation made for the purposes of that Title, including where that status is revoked by an extra-provincial securities commission or under extra-provincial securities laws; (2) a person or class of persons is deemed to be authorized to carry on an activity under Title V, or a regulation under that Title, including when the person or class of persons is authorized to carry on the activity by an extra-provincial securities commission or under extra-provincial securities laws; (3) a person or class of persons is deemed to be recognized or designated in accordance with Title VI or a regulation made under that Title, including when the person or class of persons is recognized or designated by an extra-provincial securities commission or under extra-provincial securities laws; (4) a person or class of persons is deemed to be exempted from all or part of the requirements of Québec securities laws when an exemption has been granted for the same purpose by an extra-provincial securities commission or under extra-provincial securities laws; and (5) an activity in respect of transactions in securities or in a particular security is deemed to be prohibited under section 265, including when an extra-provincial securities commission has imposed the same prohibition under a power similar to the Authority’s power under section 265. 2006, c. 50, s. 103; 2008, c. 24, s. 218; 2009, c. 25, s. 43; 2011, c. 18, s. 82; 2016, c. 7, s. 162.
Section 308.2.1Verify source
§ 308.2.1.1Section 308.2.1.1Provision

Source excerpt

This section defines “securities authority in Canada” for this subdivision.

308.2.1.1. In this subdivision, unless the context indicates otherwise, “securities authority in Canada” means a securities commission or person empowered by law to regulate the securities markets in or to administer and enforce the securities laws of any province or territory of Canada, or a person prescribed by regulation, except a self-regulatory organization, exchange, clearing-house, quotation and trade reporting system, credit rating organization or benchmark administrator or the body referred to in section 71.1. 2016, c. 7, s. 163; 2018, c. 23, s. 706.
Section 308.2.1.1Verify source
§ 308.2.1.2Section 308.2.1.2Provision

Source excerpt

If the conditions in section 308.2.1.3 are met, certain Canadian securities-authority decisions or agreements are treated as giving rise by law to an absolute presumption of a corresponding Québec decision or agreement.

308.2.1.2. If it meets the conditions set out in section 308.2.1.3, a decision rendered by a securities authority in Canada and imposing sanctions, conditions, restrictions or obligations on a person entails, by operation of law, an absolute presumption that a decision having the same effect in Québec was rendered in respect of the person by the Authority or the Tribunal, according to their respective jurisdictions. If it meets the same conditions, an agreement entered into between a securities authority in Canada and a person and imposing sanctions, conditions, restrictions or obligations on that person entails, by operation of law, an absolute presumption that an agreement having the same effect in Québec was entered into in Québec between the person and the Authority or the Tribunal, according to their respective jurisdictions. 2016, c. 7, s. 163.
Section 308.2.1.2Verify source
§ 308.2.1.3Section 308.2.1.3Provision

Source excerpt

Section 308.2.1.2 applies to a decision or agreement meeting two conditions: it must result from findings or admissions of contravention of securities-market laws or conduct contrary to the public interest, and it must not be based solely on another Canadian securities authority’s deemed decision or agreement.

308.2.1.3. Section 308.2.1.2 applies to a decision or agreement that (1) is the result of findings or admissions of contravention of laws governing securities markets or of conduct contrary to the public interest; and (2) is not based solely on a decision deemed to have been rendered by another securities authority in Canada or an agreement deemed to have been made with such an authority. 2016, c. 7, s. 163.
Section 308.2.1.3Verify source
§ 308.2.1.4Section 308.2.1.4Amendment

Source excerpt

If the underlying decision or agreement is amended or stops having effect, the deemed decision or agreement is treated the same way.

308.2.1.4. If the decision or agreement that entailed an absolute presumption under section 308.2.1.2 is amended or ceases to have effect, the decision deemed to have been rendered or the agreement deemed to have been made under that section is deemed, as the case may be, to have been amended in the same way or to cease to have effect. 2016, c. 7, s. 163.
Section 308.2.1.4Verify source
§ 308.2.1.5Section 308.2.1.5Provision

Source excerpt

A person affected by sanctions, conditions, restrictions, or obligations under a decision or agreement tied to section 308.2.1.2 may ask the Authority or Tribunal to clarify how that section applies.

308.2.1.5. On an application by a person who is subject to sanctions, conditions, restrictions or obligations imposed by the decision or agreement that entailed an absolute presumption under section 308.2.1.2, the Authority or the Tribunal, according to their respective jurisdictions, may clarify the application of that section to that person and thus bind the person as well as the Authority or the Tribunal, as the case may be. The Authority may also present the application provided for in the first paragraph to the Tribunal. 2016, c. 7, s. 163.
Section 308.2.1.5Verify source
§ 308.2.1.6Section 308.2.1.6Provision

Source excerpt

308.2.1.6. No one may be required to pay any amount because of the application of this subdivision. 2016, c. 7, s. 163.

308.2.1.6. No one may be required to pay any amount because of the application of this subdivision. 2016, c. 7, s. 163.
Section 308.2.1.6Verify source
§ 308.2.2Section 308.2.2Provision

Source excerpt

The Government must, by order, exercise specified powers and functions for certain Québec authorities of the Financial Markets Administrative Tribunal.

308.2.2. For the purposes of sections 307, 307.1, 307.3, 308, 308.0.1, 308.0.2 and 308.1.1, the Government shall, by order, exercise, with respect to any Québec authority of the Financial Markets Administrative Tribunal, the powers and functions specified in the order, to the extent and in accordance with the conditions it determines. 2006, c. 50, s. 103; 2009, c. 58, s. 128; 2016, c. 7, s. 179.
Section 308.2.2Verify source
§ 308.3Section 308.3Repeal

Source excerpt

Section 308.3 is repealed.

308.3. (Repealed). 2004, c. 37, s. 32; 2006, c. 50, s. 104; 2025, c. 16, s. 169.
Section 308.3Verify source
§ 308.4Section 308.4Repeal

Source excerpt

Section 308.4 is repealed.

308.4. (Repealed). 2004, c. 37, s. 32; 2025, c. 16, s. 169.
Section 308.4Verify source
§ 309Section 309Provision

Source excerpt

The Authority may take over a matter pending before a person exercising a delegated power and decide it instead.

309. The Authority may call before it any matter that is before a person exercising a delegated power and decide it in his stead. 1982, c. 48, s. 309; 2002, c. 45, s. 661; 2004, c. 37, s. 90.
Section 309Verify source
§ 310Section 310Provision

Source excerpt

The Authority may review certain decisions on its own initiative, subject to section 322.

310. Subject to section 322, the Authority may, of its own initiative, review any decision made by a person exercising a delegated power or by a person recognized under sections 169 to 171. The Authority must give the persons referred to in the first paragraph an opportunity to present observations or produce documents to complete the person’s record within the time prescribed in section 318. 1982, c. 48, s. 310; 2002, c. 45, s. 662; 2004, c. 37, s. 33; 2006, c. 50, s. 105; 2008, c. 24, s. 219; 2025, c. 16, s. 14.
Section 310Verify source
§ 311Section 311Provision

Source excerpt

A person examining a matter under a delegation of power may refer it to the Authority.

311. Any person examining a matter pursuant to a delegation of power may refer it to the Authority. 1982, c. 48, s. 311; 2002, c. 45, s. 663; 2004, c. 37, s. 90.
Section 311Verify source
§ 312Section 312Provision

Source excerpt

The Authority may, within its powers, take part in making decisions together with another authority responsible for supervising securities trading.

312. The Authority may, within the scope of its powers, participate in the making of any decision in conjunction with any other authority responsible for the supervision of securities trading. 1982, c. 48, s. 312; 2002, c. 45, s. 665; 2004, c. 37, s. 90.
Section 312Verify source
§ 312.1Section 312.1Repeal

Source excerpt

312.1. (Repealed). 2001, c. 38, s. 85; 2002, c. 45, s. 666; 2004, c. 37, s. 90; 2018, c. 23, s. 707.

312.1. (Repealed). 2001, c. 38, s. 85; 2002, c. 45, s. 666; 2004, c. 37, s. 90; 2018, c. 23, s. 707.
Section 312.1Verify source
§ 313Section 313Provision

Source excerpt

The Authority must follow the rules in section 35 of the financial-sector regulation Act and determine supplementary rules of procedure for its own affairs.

313. The Authority shall exercise its powers according to the rules referred to in section 35 of the Act respecting the regulation of the financial sector (chapter E-6.1). The Authority shall determine the supplementary rules of procedure applicable to the conduct of its affairs. 1982, c. 48, s. 313; 2002, c. 45, s. 667; 2004, c. 37, s. 90; 2018, c. 23, s. 811.
Section 313Verify source
§ 314Section 314Repeal

Source excerpt

Section 314 is repealed.

314. (Repealed). 1982, c. 48, s. 314; 1984, c. 41, s. 64; 1986, c. 95, s. 339; 2002, c. 45, s. 668.
Section 314Verify source
§ 314.1Section 314.1Provision

Source excerpt

The Authority may delay a decision until the applicant agrees to pay necessary research costs, and may require the applicant to pay investors’ representation costs; if the public interest justifies it, the Authority may pay those costs itself.

314.1. By way of exception, the Authority may suspend the making of a decision until the applicant undertakes to pay the cost of the research work that the Authority considers necessary in order to make a decision on the application filed with it. Similarly, the Authority may require the applicant to pay the representation costs incurred by investors or, if it is in the public interest, it may pay such costs itself. 2001, c. 38, s. 86; 2002, c. 45, s. 669; 2004, c. 37, s. 90.
Section 314.1Verify source
§ 315Section 315Repeal

Source excerpt

Section 315 is repealed.

315. (Repealed). 1982, c. 48, s. 315; 2002, c. 45, s. 670.
Section 315Verify source
§ 316Section 316Provision

Source excerpt

The Authority must exercise its discretion in the public interest.

316. The Authority shall exercise the discretion conferred on it in accordance with the public interest. 1982, c. 48, s. 316; 2002, c. 45, s. 696; 2004, c. 37, s. 90.
Section 316Verify source
§ 317Section 317Repeal

Source excerpt

Section 317 is repealed.

317. (Repealed). 1982, c. 48, s. 317; 2002, c. 45, s. 672.
Section 317Verify source
§ 318Section 318Provision

Source excerpt

Before an adverse decision, the Authority or a delegated decision-maker must give 15 days’ prior notice, with reasons and an opportunity to make observations; urgent cases allow a no-notice decision for up to 15 days.

318. The Authority or a person exercising a delegated power must, before making a decision unfavourably affecting the rights of a person, give that person a 15-day prior notice of the Authority’s or person’s intention indicating the grounds on which it is based and the right of the person to present observations or produce documents to complete the person’s record. However, the Authority or the person exercising a delegated power may, without prior notice, make a decision valid for a period not exceeding 15 days if the Authority or person is of the opinion that there is urgency or that any period of time granted to the person concerned to present observations may be detrimental. The decision must state the reasons on which it is based and is effective as of the time the Authority sends the notice to the person concerned. That person may, within six days of receiving the decision, present observations to the Authority or, where applicable, to the person exercising the delegated power. The Authority or the person exercising the delegated power may revoke such a decision. 1982, c. 48, s. 318; 2002, c. 45, s. 673; 2004, c. 37, s. 34.
Section 318Verify source
§ 318.1Section 318.1Provision

Source excerpt

The Authority or a person exercising a delegated power may consider a factual analysis from the personnel of an organization with similar objects when making a decision.

318.1. For the purpose of rendering a decision, the Authority or a person exercising a delegated power may, within the scope of a consultation mechanism established by regulation or an agreement under the second paragraph of section 33 of the Act respecting the regulation of the financial sector (chapter E-6.1), consider a factual analysis prepared by the personnel of an organization pursuing similar objects. 2001, c. 38, s. 87; 2002, c. 45, s. 696; 2004, c. 37, s. 90; 2008, c. 7, s. 164; 2018, c. 23, s. 811.
Section 318.1Verify source
§ 318.2Section 318.2Repeal

Source excerpt

The Authority may decide certain securities matters on specified prior facts, and it may do so without letting the person file observations or documents to complete the record.

318.2. Despite the first paragraph of section 318, the Authority may make a decision under the third paragraph of section 265, section 271, the second paragraph of section 272.1 or section 272.2 based, rather than on any facts referred to in those provisions, on a fact referred to in any of paragraphs 1 to 3, without allowing the person to present observations or submit documents to complete the file: (1) the person was convicted, in Canada or outside Canada, of an indictable offence related to a securities transaction or activity or to conduct involving securities or of an offence under a law governing securities markets; (2) the person contravened, according to a court in or outside Canada, a law governing securities markets; (3) the person is subject to a decision imposing sanctions, conditions, restrictions or obligations that was rendered by one of the persons referred to below, or made an agreement with one of those persons that imposes sanctions, conditions, restrictions or obligations on the person: (a) a securities authority in Canada, if the decision or agreement does not meet the conditions set out in paragraph 1 of section 308.2.1.3, (b) a securities authority outside Canada, (c) a self-regulatory organization recognized in Canada, or (d) an exchange in Canada; (4) (paragraph repealed); (5) (paragraph repealed). However, the Authority may only make a decision under the third paragraph of section 265 in a case of failure to provide disclosure that, had it occurred in Québec, could have been the subject of a decision of the Authority. For the purposes of the first paragraph, “securities authority outside Canada” means a securities commission, self-regulatory organization, exchange or person or body empowered by law to regulate the securities markets or to administer or enforce securities laws in any jurisdiction outside of Canada. 2008, c. 7, s. 165; 2016, c. 7, s. 164.
Section 318.2Verify source
§ 319Section 319Provision

Source excerpt

The Authority or a person exercising delegated powers must give reasons for any decision that adversely affects a person’s rights.

319. The Authority or the person exercising delegated powers must give reasons for every decision that adversely affects the rights of a person. 1982, c. 48, s. 319; 2002, c. 45, s. 674; 2004, c. 37, s. 90.
Section 319Verify source
§ 320Section 320Provision

Source excerpt

320. A decision made by the Authority or a person exercising a delegated power shall be sent by the Authority to the person concerned. However, a decision rendered by a self-regulatory organization or by a person or committee exercising a

320. A decision made by the Authority or a person exercising a delegated power shall be sent by the Authority to the person concerned. However, a decision rendered by a self-regulatory organization or by a person or committee exercising a power sub-delegated by it shall be sent by the self-regulatory organization. 1982, c. 48, s. 320; 1990, c. 77, s. 50; 2002, c. 45, s. 675; 2004, c. 37, s. 90; 2008, c. 24, s. 220.
Section 320Verify source
§ 320.1Section 320.1Provision

Source excerpt

The Authority may ask the Superior Court or the Court of Québec to homologate its decision, or a decision made under delegated power, after the time for seeking review before the Financial Markets Administrative Tribunal has expired.

320.1. Every decision of the Authority or a person exercising a delegated power may be homologated at the request of the Authority by the Superior Court or the Court of Québec, according to their respective jurisdictions, at the expiry of the time prescribed for applying for a review of the decision before the Financial Markets Administrative Tribunal, and the decision becomes executory under the authority of the court that has homologated it. 1990, c. 77, s. 51; 2001, c. 38, s. 88; 2002, c. 45, s. 676; 2004, c. 37, s. 90; 2009, c. 58, s. 128; 2016, c. 7, s. 179.
Section 320.1Verify source
§ 320.2Section 320.2Provision

Source excerpt

The Authority or a delegated person who took part in a decision may rectify it on the record if it contains a clerical, calculation, or other formal error.

320.2. A decision containing a clerical error, a mistake in calculation or any other error of form may be rectified on the record by the Authority or the person exercising delegated power having taken part in the decision. 2001, c. 38, s. 89; 2002, c. 45, s. 677; 2004, c. 37, s. 90.
Section 320.2Verify source
§ 321Section 321Provision

Source excerpt

A person who made a decision under delegated powers may review it if a new fact justifies doing so.

321. A person having rendered a decision under delegated powers may review it if justified by a new fact. 1982, c. 48, s. 321; 1986, c. 95, s. 340; 2002, c. 45, s. 696; 2004, c. 37, s. 90; 2008, c. 24, s. 221; 2009, c. 58, s. 129.
Section 321Verify source
§ 321.1Section 321.1Provision

Source excerpt

For specified provisions, a person or committee exercising a subdelegated power is treated as the person exercising a delegated power.

321.1. For the purposes of section 81 of the Act respecting the regulation of the financial sector (chapter E-6.1) and sections 283, 318 to 319 and 321 of this Act, the person or committee exercising a power subdelegated under section 62 of the Act respecting the regulation of the financial sector is the person exercising a delegated power. 2002, c. 45, s. 678; 2004, c. 37, s. 90; 2018, c. 23, s. 811.
Section 321.1Verify source
§ 322Section 322Offence

Source excerpt

A person directly affected by a decision may apply for review by the Financial Markets Administrative Tribunal within 30 days.

322. A person directly affected by a decision rendered by the Authority or by a person recognized under sections 169 to 171 may, within 30 days, apply for a review of the decision by the Financial Markets Administrative Tribunal established under section 92 of the Act respecting the regulation of the financial sector (chapter E-6.1). However, a decision under which a penalty is to be imposed cannot be submitted for review until the penalty has been imposed. 1982, c. 48, s. 322; 1990, c. 77, s. 52; 2002, c. 45, s. 679; 2004, c. 37, s. 35; 2006, c. 50, s. 106; 2008, c. 24, s. 222; 2009, c. 58, s. 130; 2013, c. 18, s. 115; 2016, c. 7, s. 179; 2018, c. 23, s. 811; 2025, c. 16, s. 15.
Section 322Verify source
§ 323Section 323Repeal

Source excerpt

Section 323 is repealed.

323. (Repealed). 1982, c. 48, s. 323; 1990, c. 77, s. 53; 2002, c. 45, s. 681; 2009, c. 58, s. 131.
Section 323Verify source
§ 323.1Section 323.1Repeal

Source excerpt

Section 323.1 is repealed.

323.1. (Repealed). 1990, c. 77, s. 54; 1992, c. 35, s. 15; 2002, c. 45, s. 682; 2009, c. 58, s. 131.
Section 323.1Verify source
§ 323.2Section 323.2Repeal

Source excerpt

Section 323.2 is repealed.

323.2. (Repealed). 2002, c. 45, s. 682; 2009, c. 58, s. 131.
Section 323.2Verify source
§ 323.3Section 323.3Repeal

Source excerpt

Section 323.3 is repealed.

323.3. (Repealed). 2002, c. 45, s. 682; 2009, c. 58, s. 131.
Section 323.3Verify source
§ 323.4Section 323.4Repeal

Source excerpt

Section 323.4 is repealed.

323.4. (Repealed). 2002, c. 45, s. 682; 2009, c. 58, s. 131.
Section 323.4Verify source
§ 323.5Section 323.5Repeal

Source excerpt

Section 323.5 is repealed.

323.5. (Repealed). 2002, c. 45, s. 682; O.C. 1366-2003, s. 8; 2004, c. 37, s. 90; 2009, c. 58, s. 132; 2011, c. 26, s. 83.
Section 323.5Verify source
§ 323.6Section 323.6Repeal

Source excerpt

Section 323.6 is repealed.

323.6. (Repealed). 2002, c. 45, s. 682; 2009, c. 58, s. 133.
Section 323.6Verify source
§ 323.7Section 323.7Repeal

Source excerpt

Section 323.7 is repealed.

323.7. (Repealed). 2002, c. 45, s. 682; 2009, c. 58, s. 133.
Section 323.7Verify source
§ 323.8Section 323.8Repeal

Source excerpt

Section 323.8 is repealed.

323.8. (Repealed). 2002, c. 45, s. 682; 2008, c. 7, s. 166; 2009, c. 58, s. 133.
Section 323.8Verify source
§ 323.8.1Section 323.8.1Provision

Source excerpt

323.8.1. Despite sections 102, 107 to 110, 115, 115.1, 115.3, 115.5, 115.6 and 115.15.58 of the Act respecting the regulation of the financial sector (chapter E-6.1), the Tribunal may make a decision under section 152, paragraph 1, 2 or 3

323.8.1. Despite sections 102, 107 to 110, 115, 115.1, 115.3, 115.5, 115.6 and 115.15.58 of the Act respecting the regulation of the financial sector (chapter E-6.1), the Tribunal may make a decision under section 152, paragraph 1, 2 or 3 of section 262.1, section 264, the first or second paragraph of section 265 or section 266, 270 or 273.3, based, rather than on any facts referred to in those provisions, on a fact referred to in any of paragraphs 1 to 3 of section 318.2, without hearing the person concerned again, unless it is in regard to one of those facts. If urgent action is required or to prevent irreparable injury, the decision may be made in the absence of the person concerned. In such a case, the Tribunal must give the person the opportunity to be heard within 15 days in regard to one of the facts referred to in the first paragraph. 2008, c. 7, s. 167; 2008, c. 24, s. 223; 2009, c. 58, s. 134; 2013, c. 18, s. 116; 2016, c. 7, ss. 165 and 179; 2018, c. 23, ss. 708 and 811.
Section 323.8.1Verify source
§ 323.8.2Section 323.8.2Repeal

Source excerpt

This section is repealed.

323.8.2. (Repealed). 2016, c. 7, s. 166; 2018, c. 23, s. 709.
Section 323.8.2Verify source
§ 323.9Section 323.9Repeal

Source excerpt

Section 323.9 is repealed.

323.9. (Repealed). 2002, c. 45, s. 682; 2009, c. 58, s. 135.
Section 323.9Verify source
§ 323.10Section 323.10Repeal

Source excerpt

Section 323.10 is repealed.

323.10. (Repealed). 2002, c. 45, s. 682; 2009, c. 58, s. 135.
Section 323.10Verify source
§ 323.11Section 323.11Repeal

Source excerpt

Section 323.11 is repealed.

323.11. (Repealed). 2002, c. 45, s. 682; 2009, c. 58, s. 135.
Section 323.11Verify source
§ 323.12Section 323.12Repeal

Source excerpt

Section 323.12 is repealed.

323.12. (Repealed). 2002, c. 45, s. 682; 2009, c. 58, s. 135.
Section 323.12Verify source
§ 323.13Section 323.13Repeal

Source excerpt

Section 323.13 is repealed.

323.13. (Repealed). 2002, c. 45, s. 682; 2009, c. 58, s. 135.
Section 323.13Verify source
§ 324Section 324Repeal

Source excerpt

Section 324 is repealed.

324. (Repealed). 1982, c. 48, s. 324; 1988, c. 21, s. 66; 1990, c. 77, s. 55; 2001, c. 38, s. 90; 2002, c. 45, s. 696; 2009, c. 58, s. 136.
Section 324Verify source
§ 325Section 325Repeal

Source excerpt

325. (Repealed). 1982, c. 48, s. 325; 2002, c. 45, s. 696; 2009, c. 58, s. 136.

325. (Repealed). 1982, c. 48, s. 325; 2002, c. 45, s. 696; 2009, c. 58, s. 136.
Section 325Verify source

Legislative relationships

7 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

A–F

4 instruments

  • Authority under this Act

    Section 262.1

  • Authority under Title X of this Act

    Section 307.2

  • Civil Code

    Sections 235, 273.3

  • Court of Québec or before a member of the Authority in the manner provided in section 2 of the Act

    Section 247

N–S

1 instrument

  • Superior Court for an injunction about any matter relating to the Act

    Section 268

T–Z

2 instruments

  • Tax Administration Act

    Section 275.4

  • Title IV of the Act

    Sections 307.6, 307.8

Recorded versions and source checkpoint

1 version available in this collection

Current-law checkpoint
  • 10 Jun 2026 · currentEnglish

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