Montréal - The Autorité des marchés financiers (the “AMF”) is launching a penal proceeding against Martial Rolland before the Court of Québec (Criminal and Penal Division), judicial district of Laval, for failing to disclose, within 10 days of the event, the changes in his control over the securities of a reporting issuer in respect of which he is an insider, namely Rolland Virtual Business Systems Ltd.
Mr. Rolland faces 2 counts for violation of section 97 of the Securities Act of Québec, with reference to section 174 of the Securities Regulation. If found guilty, he is liable to a fine of $2,000 on each count.
This is the second time that the AMF is launching proceedings against Mr. Rolland for late insider disclosures. On December 29, 2004, Mr. Rolland faced 9 counts for violation of section 97 of the Securities Act of Québec, with reference to section 174 of the Securities Regulation.
Insiders are required to report, within 10 days of the event, any change in their control of the securities of a reporting issuer via the System for Electronic Disclosure by Insiders (SEDI) at www.sedi.ca This link will open in a new window, thereby giving all investors access to the information within a reasonable time period.
The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.
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Philippe Roy (514) 940-2176
Issuers, dealers, advisers and representatives: (877) 525-0337, dial 9 for English, then choose option 1 for industry
Consumers and investors: (877) 525-0337, dial 9 for English, then choose option 2 for consumers