Louis Morisset, chief executive of the Autorité des Marchés Financiers, says the regulator has changed how it performs search and seizure, and processes the material obtained, since a judge lambasted the AMF for its shortcomings five years ago
The head of Quebec’s securities regulator says the watchdog has overhauled the way it handles investigations in the wake of its last major insider-trading case, vowing his teams won’t repeat the same mistakes as it tries to bolster its credibility in fighting white-collar crime.
The AMF is among the provincial securities regulators with the strongest enforcement records, but it failed to win a conviction or sanction of any sort in the Amaya case. A judge in 2018 stayed insider-trading charges against David Baazov, the gambling company’s former chief executive, and two other men, saying the AMF showed a “lack of rigour” in prosecuting the file.
Today, when it conducts search and seizure operations in people’s homes and places of business, the regulator is “much more surgical” and “much more careful” with the material targeted than in the past, Mr. Morisset said. The AMF has also beefed up the computer forensic team processing the material, he said, so that evidence is cut back “to its maximum” before being handed over to its investigators, he said.
Still, the challenges in enforcement are numerous. Among them: Regulators have to respect the Supreme Court’s 2016 ruling in the R. v Jordan case, which established mandatory time limits of 18 months for criminal trials in provincial court or 30 months in superior courts. The idea is that an accused has a constitutional right to a timely trial.
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