Decisions and Freeze and cease trade orders Insurance
Montréal – The Autorité des marchés financiers (AMF) issued a ruling on November 9, 2007 against Richard Langevin Assurances ltée under section 115 of the Act respecting the distribution of financial products and services (“Distribution Act”).
The firm was imposed a penalty in the amount of $5,000 in addition to being required to furnish, to AMF’s satisfaction, details of the control and supervisory measures set up to ensure that the firm, the officers responsible for the firm, its representatives and employees comply with the Distribution Act and its regulations. Under the ruling, if Richard Langevin Assurances ltée fails to provide these details, the firm’s registration will be suspended in all sectors in which it is registered and remain so as long as the firm does not comply with the AMF ruling.
The facts behind this ruling stem from a contract signed in May 2003 that constituted an agreement for the sharing of commissions in violation of section 100 of the Distribution Act. Richard Langevin Assurances ltée failed to ensure that its officers and employees complied with the Act.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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Frédéric Alberro (514) 940-2176
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