Insurance Decisions and Freeze and cease trade orders

On September 30, 2015, the Bureau de décision et de révision (the "Bureau") imposed administrative penalties on R. Beauchamp et Laplante courtiers d'assurances inc. and on Robert Beauchamp, and issued an order for a change in responsible officer, the addition of conditions to Robert Beauchamp's certificate and the implementation of control and monitoring procedures to ensure that representatives attached to the firm comply with An Act respecting the distribution of financial products and services ("Distribution Act").

The Bureau imposed a penalty of $25,000 on the firm with respect to failures noted as part of an AMF inspection, a penalty of $7,500 on Robert Beauchamp with respect to failures committed as a responsible officer, supervisor and representative as well as misrepresentations made to the AMF in his role as supervisor.

The orders requested by the AMF also seek a change in the responsible officer, banning Beauchamp from acting as a responsible officer or supervisor and implementation of control and monitoring procedures to ensure that representatives attached to the firm comply with the Distribution Act and its regulations.