Montréal - On December 23, 2014, the Bureau de décision et de révision (the "Bureau") confirmed an agreement entered into between the Autorité des marchés financiers (the "AMF") and Réjean Côté pursuant to which Mr. Côté will pay a $5,000 administrative penalty and be attached to a firm while practising as a representative for three years. Mr. Côté also agreed to the following conditions being part of his representative's certificate:
- Carry on activities on behalf of a firm of which he is neither the responsible officer nor the director for three years as of May 8, 2014;
- Carry on activities under the supervision of a person named by the responsible officer of the firm for which he is working for three years while holding a valid right to practise.
Lastly, Mr. Côté agreed to being banned from acting directly or indirectly as the responsible officer of an insurance of persons firm for a three-year period, and to the cancellation of his registration as an independent representative.
The infringements committed by Mr. Côté were uncovered during an inspection conducted by the AMF regarding his insurance of persons activities, including the lack of a financial needs analysis, poor record-keeping and inadequate protection of personal information.