What type of organization is the Financial Markets Administrative Tribunal ?
The Financial Markets Administrative Tribunal is an administrative tribunal that performs a purely adjudicative function within the meaning of An Act Respecting Administrative Justice. In other words, the Tribunal is responsible for settling disputes within the jurisdiction defined by the law.
The Tribunal falls under the Ministère des Finances and is a completely independent and impartial body.
Under what laws does the Tribunal exercise its duties and powers?
On the request of the Authority or of any interested person, the Tribunal exercises the fonctions and powers assigned to it under Act respecting the regulation of the financial sector, An Act Respecting the Distribution of Financial Products and Services, Money-services Businesses Act, Derivatives Act and Securities Act.
At the request of the Authority, the Tribunal may take any measure conducive to ensuring compliance with an undertaking given under this Act, the Act respecting the distribution of financial products and services, the Money-Services Businesses Act, the Derivatives Act or the Securities Act or compliance with those Acts.
(Act respecting the regulation of the financial sector, CQLR, c. E-6.1, s. 93 and 94)
What types of applications might the Tribunal hear?
The Tribunal renders decisions in three application categories :
1. PROTECTIVE MEASURES, such as :
- freeze orders;
- reciprocal orders;
- cease trade orders;
- bans from carrying out the activities of an investment fund advisor or manager;
- suspensions or cancellations of registration or certificate;
- suspensions or revocation of money-services businesses licenses.
2. ADMINISTRATIVE MEASURES, in the first instance, following establishment of violations of legislation, such as:
- administrative penalties;
- orders designed to require a person to comply with the law;
- orders designed to require a person to remit earnings made following a violation;
- bans from acting as a manager or administrator.
3. REVIEW OF DECISIONS rendered by regulators and self-regulating bodies, such as the :
- Autorité des marchés financiers (« AMF »);
- Investment Industry Regulatory Organization of Canada (« IIROC »);
- Montréal Exchange (« MX »).
Procedure & evidence
What rules of procedure apply to the Tribunal?
In the absence of provisions applicable to a specific case, the Tribunal may supplement it with any procedure compatible with the law or its rules of procedure.
What is the “practice division” of the Tribunal ?
The “practice division” is a session held every Thursday (2 p.m.) at the Tribunal during which a series of pro forma hearings are held. All cases are scheduled for 2 p.m. and their order is established by the Tribunal.
Any application filed with the Tribunal must first be presented to the practice division.
For more information on registering an application on the practice division roll, consult the “Practice Division” section on our site.
How do I file an application with the Tribunal ?
To answer this question, please refer to the “Applications” section of our website. If you have any further questions, please contact the Secretariat.
How do I assign my witnesses?
You must issue a subpoena to each of your witnesses at least 10 days before the hearing, unless the Tribunal reduces this timeline for an emergency.
The subpoena must be served by bailiff and you must provide proof of the date on which it was served.
The subpoena must be signed by your lawyer or a member of the Tribunal administratif des marchés financiers.
In the latter case, please complete the form for a subpoena for each of your witnesses and contact the Secretariat to have it signed by a member of the Tribunal.
How many copies of the documents I wish to produce at the hearing should I provide?
You must provide one copy of each exhibit or document (procedure, notes and authorities, etc.) for the tribunal office record as well as a copy for each member sitting at the hearing. You must also plan to have a copy for each of the other parties, if they have not received communication regarding the document prior to the hearing.
Is it possible to file documents confidentially?
Since the Tribunal’s hearings and records are public, confidentiality or sealing orders are required to restrict access to documents produced in a case.
Confidentiality, or non-publication, orders are designed to restrict the communication of information contained in a document covered by the order. Sealing orders mean that third-parties (or the public) cannot have access to the document.
It should be noted that any exhibits submitted to the Secretariat prior to the hearing are not accessible to the public until after they have been produced on the tribunal’s record during the hearing. A party may request that a sealing order be issued when the exhibit is produced at the hearing.
However, the same rule does not apply to applications: all procedures filed with the Secretariat are accessible to the public. For information on how to prevent an application from being accessible to the public between its filing and the time when the tribunal will consider a sealing order request, refer to the “Confidentiality” section of our website.
INFORMATION ON FILES
How can I find out the status of a case?
To find out the date, time and subject of the next hearings scheduled in a case, you may consult the hearing schedule (roll) in the “Hearings” section of our website.
For more information, please contact the Secretariat.
Is it possible to consult the Tribunal records?
Yes, the Tribunal office records are public and any person may consult them, unless the Tribunal issues an order to the opposite effect.
In particular, these records contain the proceedings filed by the parties, exhibits produced in evidence by the parties during the hearing and the parties’ communications with the tribunal.
You may obtain copies of tribunal office public documents for a fee.
To avoid waiting while a file is prepared, please contact the Secretariat before you travel to the Tribunal for a consultation.
Where do the hearings of the Tribunal take place?
Hearings of the Tribunal take place at its head office in the Paul-Fortugno Room, located at 500, boul. René-Lévesque Ouest, Suite 16.40, Montréal QC H2Z 1W7, unless otherwise stated by the Tribunal.
How can I find out the roll for hearing (hearing schedule) of the Tribunal ?
To find out the hearings that will take place in the near future, refer to the hearing schedule (roll) in the “Hearings” section of our website.
The schedule is updated every Wednesday.
What is a pro forma hearing?
This hearing serves to set the date(s) for the hearing on the merits of the application. This is also the time for parties to resolve certain issues regarding the administration of the case.
For more information, refer to the “Type of Hearings” section on our website.
Is it possible to postpone a hearing to a later date?
If you are not available, for good reason, on the date set by the Tribunal for the hearing or on the date indicated on a notice of presentation that you have received, please contact the Secretariat.
To request a postponement of the hearing, you must produce an application stating the reasons for this and send it to the other party.
The Tribunal may postpone the hearing to the nearest date possible if it believes that the adjournment will not cause an unreasonable delay or that it can foster a settlement.
At the hearing, the tribunal may, on the written or verbal request of one of the parties, postpone the hearing to a later date.
Are hearings of the Tribunal public?
Hearings of the Tribunal are public, unless the tribunal orders otherwise.
Anyone who attends a hearing must adopt an attitude of dignity and respect for justice, and abstain from doing anything that might undermine the smooth operation of the hearing.
It should be noted that any person present at the hearing may be required to give testimony, in which case such person is required to respond as if he/she had been served in the proper manner with a subpoena.
How many members of the Tribunal sit during a hearing?
Generally, the hearing is presided over by only one member, unless the complexity or importance of the case requires the presence of more than one member.
How should I address the member presiding over the hearing?
At the hearing, the registrar introduces the case and indicates the name and title of the member presiding over the hearing. It is appropriate to address the member by the title of the function he/she holds at the Tribunal administratif des marchés financiers.
Therefore, expressions such as "Administrative judge", “Madam President” or “Mr. Vice-President” as the case may be, are recommended.
When am I supposed to stand during a hearing?
You should stand when the member presiding over the hearing enters and exits. You must also stand when you address the Tribunal or a witness, unless the Tribunal indicates otherwise. You must remain standing when the Tribunal addresses you and when the witness answers your questions.
Are lawyers before the Tribunal required to wear the gown?
No, wearing the gown is not required at the Tribunal.
However, your attire must reflect an attitude of dignity and respect for justice.
How do I obtain the audio recording of a hearing conducted by the Tribunal ?
You can obtain a copy of the hearing recording for a fee by sending a written request to the email address of the Secretariat.
We will inform you of the applicable fees and prepare the CD after we receive your confirmation. Please note that transmission fees may apply.
Please note that the recordings of a closed-door hearing are only available for a portion of the case.
Please refer to our Fee Schedule (in French).
How can I obtain a transcript of a hearing held by the Tribunal ?
To obtain the transcript of a hearing (stenographer’s notes), you may request the recording (copy on CD of the audio recording) of the hearing and then hire a stenographer.
If you obtain the transcript of a hearing held by the Tribunal, the Tribunal may ask you for a copy of the stenographer’s notes, as stipulated by law.
Please refer to our Fee Schedule (in French) for more information on the fees associated with recordings (CD).
Do I have the right to an interpreter during a hearing held by the Tribunal ?
Any person who participates in a hearing has the right to speak in French or in English and has the right to be assisted, at his/her own expense, by a certified interpreter.
Can I address the Tribunal members in English during a hearing?
Yes, any person who participates in a Tribunal hearing has the right to speak in French or in English.
Can I obtain the English translation of a decision rendered by the Tribunal?
The decisions of the Tribunal are rendered in French.
However, if you are party to a decision of the tribunal, you may request the English translation of this at the Tribunal’s expense. Please contact the Secretariat.
The French version remains the official version of the decision and always takes precedence over the English version in case of divergence.
REPRESENTATION BY A LAWYER
Do I need a lawyer to represent me before the Tribunal ?
Individuals have the option to be represented by a lawyer before the Tribunal or to appear on their own behalf.
Legal entities (companies) as well as entities that do not have a legal personality have to be represented by a lawyer.
However, hearings of the Tribunal may relate to complex legal issues. Therefore, it may be advisable to use the services of a lawyer for advice.
We encourage you to also refer to the “Appear by yourself” section of our website.
Decisions and recourse
How long does it take for the Tribunal to render its decision?
Barring exceptions, the Tribunal generally has six months to render a written decision and reasons.
A copy of the decision will be sent to you by email or, failing that, by mail.
Please note that the Secretariat cannot, at any time, provide information on the estimated time for the decision you are waiting for to be rendered.
The decision rendered by the Tribunal contains an error, what can I do?
You may file an application with the Tribunal for rectification one of its decisions, to correct a writing error, calculation or any other material (clerical) error if you are one of the parties to that decision.
What recourse is available to me following a decision of the Tribunal ?
If you are directly involved in a final decision of the Tribunal, you have 30 days from the date of the decision to file a notice of appeal with the Tribunal Secretariat. The appeal is taken before the Court of Québec.
At any time, you may also ask the Tribunal to review one of its decisions.
Moreover, if you are affected by a decision rendered without a prior hearing (ex parte), you have 15 days from the date of the decision to file your notice of contestation with the Tribunal Secretariat.
Finally, the décisions of the Tribunal are subject to the Superior Court right of review, but only on matters of jurisdiction.
Do I have to provide grounds for my “notice of contestation of an ex parte decision”?
You do not have to include your grounds at this stage. Please use the notice of contestation form (in French).
Please note that it is possible to file a defense afterward if you so wish.