Regulatory Alerts2012-01-19
Notice on Administrative Monetary Sanctions for Late Filing of Information or Documents
The Autorité des marchés financiers (AMF) has issued a notice establishing administrative monetary sanctions for insurers, reinsurers, and related entities that fail to file required information or documents within prescribed deadlines. Sanctions are calculated daily based on a filer’s total assets, ranging from $500 to $1,800 per day with maximum caps of $13,700 to $67,800 over a 45-day period, and are doubled for repeat offenses. Upon issuing a sanction notice, the AMF allows filers fifteen days to submit written observations before confirming or adjusting the penalty, which must be paid within thirty days and is directed to a consumer benefit fund.
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