Administrative penalities imposed on three securities advisers and one group savings plan brokerage firm

Decisions and Freeze and cease trade orders Securities

Montréal – Following a risk evaluation inspection by the Autorité des marchés financiers (AMF) of several securities advisers with unrestricted practices and group savings plans brokerage firms, TD Waterhouse Private Investment Counsel Inc., CCFL Management Services Ltd., Wirth  Inc. and Assante Financial Management Ltd. were each fined administrative penalties ranging from $1,500 to $3,500.

At the AMF' request, the Bureau de décision et de révision en valeurs mobilières (BDRVM) issued decisions on  4, 2008 imposing administrative penalties:

  • of $1,500 on both TD Waterhouse Private Investment Counsel Inc. and CCFL Management  Ltd., securities advisers with unrestricted practices, for failing to return information and documents requested by the AMF within the prescribed time period (more than  months), namely, a duly completed risk evaluation questionnaire, thereby violating section 237 of the Securities Act (the "Act");
  • of $3,500 on Wirth Associates Inc., a securities adviser with an unrestricted practice, for failing to notify the AMF, over a period of more than seven months, of a change in the information furnished at the time of its registration, namely, the change in address of one of its establishments in Québec, thereby violating paragraph 1 of section 159 of the Act and paragraph 1 of section 225 of the Securities Regulation.

In addition, on March 24, 2008, the AMF issued a decision imposing an administrative penalty:

  • of $2,000 on the group savings plan brokerage firm Assante Financial Management Ltd., which operates under the name "Assante Wealth Management," for failing to return the AMF risk evaluation questionnaire within the prescribed time period and failing to ensure that its officers and employees were acting in accordance with the Act respecting the distribution of financial products and services (the "Distribution Act") and its Regulations, thereby violating sections 106 and 86 of the Distribution Act.

During May 2007, the AMF sent letters to 188 unrestricted practice advisers and 96 group savings plan brokerage firms registered with the AMF, requesting that they complete a risk evaluation questionnaire to help it improve the efficiency and effectiveness of its inspections.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector

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