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

Montréal – The Autorité des marchés financiers (AMF) imposed an administrative penalty in the amount of $2,500 against R.W. Mills inc. on August 21, 2008.

According to the AMF, the firm has failed to ensure that its executive officers and employees comply with the Act respecting the distribution of financial products and services ("Distribution Act") and its regulations. Specifically, the AMF maintains that the firm allowed a staff member to carry out activities reserved for holders of a certificate issued by the AMF or persons with acquired rights, thereby violating section 86 of the Distribution Act.

The AMF's position is based on the following considerations:

• The issues involved are important, and the firm should take the measures needed to ensure that employees comply with the law, and do so in a timely manner;
• The interests of the public must be protected, and the AMF must ensure that such 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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