Montréal, July 21, 2011 - The Autorité des marchés financiers (the "AMF") announces that it has signed an agreement with Assurexperts Inc. and firms owned by Groupe Finance & Indemnisation, thereby concluding an investigation into the commercial practices of these firms.
The AMF's investigation has not revealed any fraudulent activities, nor any evidence that the interests of clients have been compromised or that they have suffered any damages. The investigation did however underscore that the corporate structure should be changed.
The agreement calls for the payment of a lump sum of $50,000 due to the shortcomings uncovered during the investigation. The firms also agreed to make changes to their corporate structures and commercial practices to ensure they comply with the applicable legislation.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial industry.
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