Montréal - The Autorité des marchés financiers ("AMF") is appealing the decision This link will open in a new window (in French only) handed down on October 23, 2014 by the Bureau de décision et de révision This link will open in a new window (the "Bureau"). With this majority decision, the Bureau rejected the AMF's request and concluded that the respondents had not traded in the securities of Arura Pharma inc. while in possession of privileged information between April 29 and June 6, 2008.

However, as part of its decision, the Bureau ratified the agreement between two respondents and the AMF under which the respondents admitted to trading in Arura securities while holding information that had not been disclosed to the public and that could affect the decision of a reasonable investor. They also agreed to pay, respectively, administrative penalties of $5,000 and $20,000. One of the two respondents has appealed this decision on the grounds that, based on the same information, the Bureau exonerated the other respondents.

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

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