Securities Decisions and Freeze and cease trade orders

Montréal – At the request of the Autorité des marchés financiers (AMF), the Bureau de décision et de révision en valeurs mobilières (BDRVM) handed down a decision on March 19, 2009 whereby Gestion Cristallin Inc. was ordered to pay an administrative penalty of $2,483.

The AMF argued that Gestion Cristallin Inc., a duly registered unrestricted securities adviser:

  • failed to furnish to the AMF, within 90 days after the end of the 2005 financial year, the financial statements, the auditor's report and other information, in accordance with the requirements prescribed by regulation, as stipulated in section 158 of the Securities Act;
  • failed to file, within 90 days following its 2005 year-end, its annual report on working capital, as stipulated in section 85 of Policy Statement Q-9 Dealers, Advisers and Representatives.

In its decision, the BDRVM highlighted the importance of document filings as required under the law. It believes the AMF must have the tools it needs to perform its supervisory role in respect of market intermediaries and therefore protect consumers who are the clients of intermediaries.

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

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