$2,000 penalty against Des Ormes

Decisions and Freeze and cease trade orders

On October 2, 2013, the Bureau de décision et de révision ("Bureau") approved an agreement reached by the parties whereby Des Ormes assurances will pay a penalty in the amount of $2,000 for failure to comply with a decision of the Bureau within the prescribed time period.

Indeed, on December 21, 2012, the Bureau issued a decision whereby the firm was given 90 days to appoint a new officer in charge of the firm, to the satisfaction of the Autorité des marchés financiers ("AMF"). However, the application for the appointment of a new officer in charge was received by the AMF only on June 19, 2013.