September 8, 2008 Decisions and Freeze and cease trade orders Insurance

Montréal – In a decision issued on August 21, 2008, the Autorité des marchés financiers (AMF) imposed an administrative penalty in the amount of $2,500 against Gravel, David, Rouleau & associés inc.

According to the AMF, the firm failed to oversee the conduct of its representatives by not ensuring that the certificate enabling a representative to act as a claims adjuster had been properly reinstated, thereby violating section 85 of the Act respecting the distribution of financial products and services.

In support of its decision, the AMF took the following into consideration:

• The firm's implementation of control and supervisory measures with respect to the conduct of representatives;
• The protection of the interests of the public and the fact that the AMF must ensure that failures are not repeated in the future.

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

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