January 12, 2006

Montréal – The Autorité des marchés financiers (AMF) has initiated penal proceedings before the Court of Québec (Criminal and Penal Division, District of Québec) against Régis Cloutier. The AMF alleges that Régis Cloutier acted in the capacity of damage insurance broker or represented himself as such, without being registered with the AMF between March 1, 2004 and February 13, 2005, in violation of sections 12 and 461 of the Act respecting the distribution of financial products and services.

It is alleged that Mr. Cloutier neglected to renew his registration during the period in question by failing to submit the required registration renewal documents by March 1, 2004.

Mr. Cloutier was re-registered as a damage insurance broker in February 2005 subject to being attached to a firm and demonstrating that the transactions carried out between March 1, 2004 and February 13, 2005 were otherwise in compliance with applicable requirements.

The AMF has filed 25 counts against Mr. Cloutier for illegally practicing the profession of damage insurance broker and is seeking a total fine of $25,000.

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

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Information:

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