June 4, 2015 Securities Decisions and Freeze and cease trade orders

The Autorité des marchés financiers (the "AMF") has reached an agreement with I.A. Michael Investment Counsel Limited (IAM) to conclude a normalization process pursuant to which IAM has agreed to pay a $15,000 penalty.

Under the agreement, IAM acknowledged that it made distributions governed by the Securities Act to Québec investors between 2009 and 2013 without being registered with the AMF.

IAM took the necessary steps to regularize its situation of its own volition and is now registered with the AMF as an exempt market dealer.