The Financial Markets Administrative Tribunal was created by the Act respecting the Autorité des marchés financiers (now known as an "Act respecting the regulation of the Financial sector"), which came into force on December 3, 2003 as part of a major reform of the regulation of Québec's financial sector. The Tribunal has been in operation since February 1, 2004.
Formerly known as the Bureau de décision et de révision en valeurs mobilières and the Bureau de décision et de révision, the Tribunal's name was changed to Financial Markets Administrative Tribunal on July 18, 2016. The powers of the Tribunal have been broadened, in February 2009, to include derivatives and, in April 2010, to include insurance and the distribution of financial products and services. Its powers were subsequently extended, in April 2012, to money-services businesses.
The Financial Markets Administrative Tribunal plays three main roles:
- It hears, in first instance, applications by the Autorité des marchés financiers, under the powers stipulated in the Act respecting the Autorité des marchés financiers, the Securities Act, the Act respecting the distribution of financial products and services, the Derivatives Act and the Money-Services Businesses Act.
- It hears, in first instance, applications by interested persons, under the powers stipulated in the aforementioned statutes.
- It hears, in second instance and pursuant to the Securities Act,the Derivatives Act and the Act respecting financial services cooperatives, applications for review filed by persons directly affected by a decision rendered by the Autorité des marchés financiers, a recognized regulated entity or a recognized self-regulatory organization—for example, the Montréal Exchange (MX), the Investment Industry Regulatory Organization of Canada (IIROC), the Canadian Depository for Securities and the Canadian Derivatives Clearing Corporation.