Canada: Finance and Banking

The Québec Financial Markets Administrative Tribunal addressed three critical procedural questions in a securities enforcement case: whether compelled testimony from investigations can be used in administrative proceedings, whether the tribunal has jurisdiction over regulatory offences, and what disclosure obligations apply in administrative contexts. The decision clarifies the distinct principles governing administrative proceedings versus criminal law, emphasizing the balance between procedural fairn

The Canadian Investment Regulatory Organization (CIRO) has released its 2026 fiscal year enforcement report, revealing a strategic shift toward fewer but higher-value enforcement proceedings with significantly increased fines and disgorgement orders. The report demonstrates CIRO's evolving regulatory approach, emphasizing dealer supervision, compliance systems, and gatekeeping obligations while imposing over $15 million in sanctions.

Subsequent advances under the mortgage may also have priority, unless, at the time of the advance, a lien had been preserved or perfected or the mortgagee had received written notice of a lien.