Securities

Montréal– The Autorité des marchés financiers (AMF) has asked the Bureau de décision et de révision en valeurs mobilières to impose an administrative penalty of $5,000 on Denis Savard by virtue of section 93, paragraph 10 of the Act respecting the Autorité des marchés financiers, and section 273.1 of the Securities Act.

This penalty is being sought because Denis Savard, president of Les Fonds Diamant inc., did not wait for the AMF’s approval before transferring the assets of Diamond World Value Fund to Diamond Contrarian Investment Strategy Fund. Consequently, Mr. Savard has by his act or omission assisted in contravening subsection 5.5 (1) (b) of Regulation 81-102.

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

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