December 16, 2005 Decisions and Freeze and cease trade orders Insurance

Montréal – The Autorité des marchés financiers (AMF) announced that it has reached an agreement with SFL Management Inc. which will conclude the investigation it initiated in November 2004 regarding disclosure of business relationships that could exist between the firms in the SFL network and Desjardins Financial Security.

“Our investigation has not detected any fraudulent act by the firms that belong to the SFL network, nor has it identified anything indicating the firms’ clients could have been injured or suffered damage. However, we have concluded that disclosure to consumers of the business relationships of SFL network member firms should be improved”, said Jean St-Gelais, President and CEO of the AMF.

Under the terms of the agreement between SFL Management Inc. and the AMF, SFL Management has undertaken to improve disclosure practices for the business relationships of the SFL network’s member firms. SFL will also pay the AMF $400,000, in particular to reimburse the costs of the investigation.

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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