Decisions and Freeze and cease trade orders Insurance
Montréal – Under section 115 of the Act respecting the distribution of financial products and services (the “Act”), the Autorité des marchés financiers (AMF) is imposing an administrative penalty in the amount of $2,000 against Services financiers Major Ltée.
The AMF is imposing this penalty because the firm, which is based in Saint-Léonard and whose senior executive officer is Jacques Major, failed to comply with section 17, subparagraph 8 of the Regulation respecting firms, independent representatives and independent partnerships by not including a needs analysis in three client files.
The firm failed to oversee its representatives adequately and ensure that they comply with the Act and its regulations, thereby violating section 85 of the Act.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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Frédéric Alberro (514) 940-2176
Issuers, dealers, advisers and representatives: (877) 525-0337, choose option 9 for English, then 1 for industry
Consumers and investors: (877) 525-0337, choose option 9 for English, then 8 for consumers