Regulating the financial sector: The Order turns to the courts
Published on
Following the coming into force of section 17.0.1 of the Act respecting the regulation of the financial sector, which authorizes the lifting of professional secrecy without guidelines or a framework for disclosing a contravention of an Act enforceable by the Autorité des marchés financiers (AMF), the Order has initiated legal action before the courts.
This recourse aims to have section 17.0.1 declared unconstitutional and inoperative in respect of CPAs, given the importance of properly preserving professional secrecy in order to ensure the protection of the public. During the proceedings, the Order requested that the application of this section of the act be suspended in respect of its members (application to stay). The matter is currently under advisement.
As a temporary measure, the Order has provided its members with guidelines to help CPAs in their assessment when, in the practice of their profession, they detect a contravention of an Act enforceable by the AMF and are authorized to disclose the offence to the AMF.