V-1.1 - Securities Act

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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(4)  (paragraph repealed);
(5)  (paragraph repealed).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. 72016, c. 7, s. 164.
318.2. Despite the first paragraph of section 318, the Authority may make a decision under the third paragraph of section 265 or section 271 or 272.2 based on a fact referred to in any of paragraphs 1 to 5, without allowing the person to present observations or submit documents to complete the file, unless they are in regard to the following facts:
(1)  the person was convicted of an indictable offence related to a securities operation or activity or to conduct involving securities;
(2)  the person was convicted of an offence under this Act or a regulation under this Act;
(3)  the person was convicted of an offence under the securities legislation of another Canadian province or territory or another State;
(4)  the person is the subject of a decision by a securities authority of another Canadian province or territory or of another State imposing obligations or sanctions on the person, which may also include conditions or restrictions;
(5)  the person has reached an agreement with a securities authority of another Canadian province or territory or of another State to comply with obligations or sanctions, which may also include conditions or restrictions.
2008, c. 7, s. 165.