In the last twenty years, the investment fund industry has undergone phenomenal growth in both Quebec and elsewhere in Canada. In the distribution of these investment funds, where confidence plays a paramount role, mutual fund dealers, their officers and representatives are subject to a wide range of obligations, monitoring mechanisms and control procedures intended to minimize the risk of professional misconduct and maintain investor confidence in financial markets and in the legal system in general, from a microeconomic as well as a macroeconomic standpoint. The purpose of this study is to analyze and critically assess the disciplinary sanction regimes applicable to mutual fund dealers, their officers and representatives carrying on their activities in Quebec and elsewhere in Canada. Through a comparative analysis of the content of the disciplinary sanction regimes and an empirical study of the decisions rendered in this respect between 2005 and 2011, the overall goal of the study is to highlight the disciplinary framework, in theory and in practice, so as to determine if it can contribute to deterring deviant behaviour by mutual fund brokerage players. More specifically, one of the goals of this study is to analyze and critically assess the disciplinary sanction regimes especially with regard to a possible legal or de facto immunity open to mutual fund dealers in Quebec and their officers in their respective capacity as employers and supervisors in comparison to these dealers' representatives and with regard to their counterparts working in the rest of Canada.