On July 15, 2015, the Bureau de décision et de révision (the "Bureau") approved an agreement entered into between the Autorité des marchés financiers (the "AMF") and Duncan Ross Associates Ltd. and its chief compliance officer, Robert Duncan Ross. The firm acts as a portfolio manager, investment fund manager and exempt market dealer. Under the agreement, Duncan Ross Associates Ltd. and its chief compliance officer agreed to implement and maintain corrective measures in order to remain compliant and to pay a total of $25,350 in administrative penalties.
More specifically, Duncan Ross Associates Ltd. must pay an $18,500 fine for failing to notify the AMF in writing of a change to its insurance coverage, comply with its financial disclosure requirements, submit required documents and fulfill an undertaking made to the AMF.
Robert Duncan Ross, who admitted that he failed to fulfill an undertaking made to the AMF and adequately perform his duties as chief compliance officer, must pay a $6,850 fine.