Administrative penalty of $12,500 against Les Services Financiers Surtech inc.
Insurance Decisions and Freeze and cease trade orders
Montréal - On May 29, 2015, the Bureau de décision et de révision (the "Bureau") issued a decision in follow-up to an agreement between the Autorité des marchés financiers ("AMF"), Les Services Financiers Surtech inc. and the firm's responsible officer, François Blanchet.
Accordingly, the Bureau imposed the penalties set out in the agreement and issued orders to ensure the respondents comply with their undertakings. Specifically, under the agreement, the firm undertook to pay $12,500 as an administrative penalty for violations of various provisions under An Act respecting the distribution of financial products and services ("Distribution Act") and its regulations. AMF inspectors noted certain violations with respect to the keeping of records, the analysis of financial needs and the procedure applicable to replacement notices.
As well, the firm undertook to set up a procedure and maintain control and monitoring measures for the purpose of ensuring that representatives act in compliance with the measures as well as provisions under the Act and its regulations.
As for François Blanchet, he undertook to pay $1,250 as the firm's responsible officer in connection with the violations noted above.