The Bureau de décision et de révision (the “Bureau”), previously known as the Bureau de décision et de révision en valeurs mobilières, is an administrative tribunal specialized in securities. The Bureau changed its name on April 1, 2010 in accordance with the coming into force on December 4, 2009 of Bill 74, An Act to Amend Various Legislative Provisions Principally to Tighten the Regulation of the Financial Sector. New powers with regards to firms subject to the Act Respecting the Distribution of Financial Products and Services and expert-accountants firms were granted to the Bureau, which broaden its areas of jurisdiction. It is responsible for rendering decisions with respect to proceedings under the Securities Act , Derivatives Act and the Act respecting the Autorité des marchés financiers, at the request of:

• the Autorité des marchés financiers; or of
• any interested person.

The Bureau may also, at the request of the Autorité des marchés financiers, take any measure to ensure compliance with the provisions of the Securities Act or the Derivatives Act.

The Bureau also exercises powers of review with respect to decisions rendered by:

• the Autorité des marchés financiers;
• the self-regulatory organizations (for example: the Montréal Exchange, the Chambre de la sécurité financière, the Investment Industry Regulatory Organization of Canada (IIROC);
• a recognized regulated entity.

The Bureau offers participants in the securities and derivatives industry an opportunity to assert their rights by obtaining a hearing before an independent tribunal.

The Bureau may also hold hearings in conjunction with and deliberate with any other authority responsible for the supervision of securities and derivatives trading.

Any person having a direct interest may appeal the final decisions of the Bureau to the Court of Québec. Its decisions may in turn be appealed to the Court of Appeal, where leave to do so is obtained from a judge of the latter court.