On February 14, 2014, the Bureau de décision et de révision (the Bureau) approved the settlement reached by the Autorité des marchés financiers (AMF) and Duncan Ross Associates Ltd., a firm duly registered with the AMF as a portfolio manager, an exempt market dealer and an investment fund manager, its chief compliance officer and current president, Robert Duncan Ross, and its former president, Susan Ferraris-Abbondi.

Under the settlement, the respondents admitted the facts, signed an undertaking to apply corrective measures and agreed to pay the following: an administrative penalty of $13,500 against Duncan Ross Associates Ltd., an administrative penalty of $1,350 against Robert Duncan Ross as chief compliance officer and an administrative penalty of $1,350 against Susan Ferraris-Abbondi as president of the firm.

The allegations admitted by Duncan Ross arose from an AMF inspection. They pertained in particular to the repayment of a subordinated debt, certain shortcomings in the recording of business transactions, insufficient insurance coverage with respect to investment fund management activities and inadequate internal control over business bank accounts