OVERVIEW
The Financial Markets Administrative Tribunal (“Tribunal”) is seized of an application filed by the Autorité des marchés financiers (“Authority”) seeking to extend the freeze orders currently in effect in this case for a period of 12 months, until August 5, 2026.
On April 18, 2022, the Tribunal issued, on an urgent and ex parte basis at the request of the Authority, freeze orders targeting the funds, securities, and other assets of the respondents and certain implicated parties, as well as assets held for them by the financial institutions involved.
These freeze orders were issued in the context of an investigation conducted by the Authority into the respondents. The investigation concerns alleged violations of applicable legislation, primarily related to a market manipulation scheme in which the respondents are said to have participated.
Since the initial decision, the freeze orders have been extended multiple times, and they are currently set to expire on August 6, 2025.
On September 28, 2023, the Tribunal partially lifted the freeze orders to allow for the liquidation — at market price and within six months — of six securities held by respondent Ramy Kamaneh in an account at TD Waterhouse Canada Inc., and for the deposit and safekeeping of the cash balance from these transactions in the same account, all under close supervision by the Authority.
The Authority is now requesting a further 12-month extension of the freeze orders currently in effect. It states that the investigation is still ongoing, and that the reasons justifying the original freeze orders continue to exist.
The Tribunal is informed that the lawyers for the respondents and some of the implicated parties do not contest the request for an extension of the freeze orders.
At the July 17, 2025 hearing on this request, the other implicated parties were absent and not represented by counsel.
Since the request to extend the freeze orders was properly notified to all parties, the Tribunal decides to hear the application.
The Tribunal must determine whether to extend the current freeze orders, and if so, for how long.
After duly considering the evidence and arguments presented by counsel for the Authority, the Tribunal decides, in the public interest, to extend — as a precautionary measure — the current freeze orders in this case for an additional 12 months, until August 5, 2026.
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