May 10, 2004 Securities

Montréal – The Agence nationale d’encadrement du secteur financier (also known as the “Autorité des marchés financiers” or “AMF”) is asking the Bureau de décision et de révision en valeurs mobilières (BDRVM) to order Kosta Parthimos to cease any activity in respect of a transaction in debt instruments and other securities of Barclay’s, Temple Trust and Milestone Financial Ltd., under section 265 of the Securities Act (the “Act”). It is also recommending that the BDRVM take any other measure against Mr. Parthimos to ensure compliance with the Act.

Mr. Parthimos was once registered with the Commission des valeurs mobilières du Québec (the “Commission”) as a representative for a dealer with an unrestricted practice but his rights were suspended on January 24, 2003 and then revoked on August 11, 2003.

During an investigation conducted by the Commission, it was found that Mr. Parthimos:

• distributed to one of his clients, on or around June 5, 2001, 2002 and 2003, debt instruments of the three foreign companies mentioned above. These distributions were made without a prospectus being submitted to the Commission for approval, contrary to section 11 of the Act;
• carried on activity as a securities dealer, on or around June 5, 2003, while his rights conferred by the registration required under section 148 of the Act were suspended.

On May 18, 2004, the BDRVM will convene a hearing at 9:30 a.m. at which it will consider the AMF’s allegations.

To read the AMF’s request (pdf - 28 KB)This link will open in a new windowUpdated on May 10, 2004 (available in French only), please consult the appendix to the press release posted on the AMF’s website, under the heading Media Centre/The Autorité's Latest Press Releases.

Created under the Act respecting the Agence nationale d'encadrement du secteur financier, the Bureau de décision et de révision en valeurs mobilières (BDRVM) is a tribunal which exercises certain powers prescribed by the Securities Act. The BDRVM is independent of the AMF.

Established on February 1, 2004, the Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector. The AMF consists of the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l'assurance-dépôts du Québec, the Fonds d'indemnisation des services financiers and the Inspector General of Financial Institutions.

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Information:

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