Investor Presentaiton

investigations or inspections to the Autorité, the CPAB, or any other body. In the case of the CPAB, information exchanges between the Autorité and the CPAB are not allowed under current laws even though the Board has investigative, inspection, and even punitive powers over the registered auditors. 3.2.2 Restrictions on informing the law enforcement community Section 297.1 of the Securities Act was amended recently to allow the Autorité to provide information to Québec police authorities of a personal nature concerning individuals targeted by its investigations of the securities industry. To this end, the Autorité investigators work closely with the Special Investigations Unit (SIU) 14 which deals with tax- related financial crime. However, there are still problems with how the law enforcement community could use the information gathered by the Autorité thanks to its investigative powers. Indeed, some court rulings do not allow information to be admitted as evidence that was forwarded by bodies with binding authority (like the Autorité) to ones without the same powers (like police departments). 14. The Special Investigation Unit (SIU) was created in 2004. It is composed of investigators from Autorité des marchés financiers, Sureté du Québec (Tax Crimes Investigation Unit) and Ministère du Revenu. Consultation paper Page 14

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