The Financial Markets Authority (AMF) of Quebec reached an agreement with Refinitiv Transaction Services Pte. Ltd. under which the latter will pay an administrative fine of $3,500,000 for conducting business as an exchange in Quebec without a license.
For a period of more than 18 months, Refinitiv provided institutional participants in Quebec with access to its trading platform for trading derivatives without being recognized as an exchange or exempt from recognition by the AMF, in violation of section 12 of the Derivatives Act.
As part of the settlement, Refinitiv admitted to breaching Quebec securities laws and all relevant facts.
In addition, in order to comply with Quebec securities legislation, Refinitiv has applied for an exemption from recognition as an exchange with the AMF.
The administrative monetary penalty to be paid by Refinitiv reflects its cooperation and immediate efforts to identify, address and remediate the compliance and oversight deficiencies leading to this breach.
The Autorité des marchés financiers (AMF) is the regulatory and supervisory body for Quebec’s financial sector.