May 1^st, 2009 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 31, 2009 whereby Loewen Ondaatjee McCutcheon Limited was ordered to pay an administrative penalty of $2,903.31.

The AMF argued that Loewen Ondaatjee McCutcheon Limited Inc., a duly registered unrestricted securities dealer:

• failed to furnish to the AMF, within 90 days after the end of the 2007 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 (the "Act");
• failed to file, within 90 days following its 2007 year-end, the joint regulatory financial questionnaire and report, as stipulated in section 158 of the Act and section 77 of Policy Statement Q-9 Dealers, Advisers and Representatives.

In its decision, the BDRVM highlighted the importance of document filings with the AMF as required by law and regulation in respect of market participants within the prescribed deadlines so that the AMF can assess whether solvency standards are met and registrants are in compliance, thereby better protecting investors.

It should be noted that Loewen Ondaatjee McCutcheon Limited has recognized its fault and has cooperated with the AMF to ensure its compliance with the law.

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

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