IOU Central Inc.Cease trade order lifted in matter of IOU Central Inc.

Decisions and Freeze and cease trade orders Securities

Montréal – In decisions handed down on March 6 and 10 as well as April 14, 2009, the Bureau de décision et de révision en valeurs mobilières (BDRVM) lifted the cease trade order issued on February 27, 2008 in the matter of IOU Central Inc. in light of the commitments made by Philippe Marleau and IOU Central Inc.

In its decisions dated March 6 and 10, 2009, the BDRVM concluded that, based on the facts presented, to which the Autorité des marchés financiers (AMF) did not object, Yarith Chhiv and Sam Bendavid are not officers of IOU Central Inc. and it is therefore advisable to lift the cease trade order in their regard.

On April 14, 2009, the BDRVM lifted the cease trade order issued on February 27, 2008 and substituted the commitments made by IOU Central Inc. and Philippe Marleau, namely:

  • not to carry out or undertake, directly or indirectly or through any other person, any peer-topeer lending activity out of Québec, in the jurisdiction of Québec or in respect of Québec residents;
  • not to carry out any activity, directly, indirectly or via the Internet, in respect of a transaction in securities in a form of investment governed by the Securities Act (the "Act") for and on behalf of IOU Central Inc., including any activity as a securities dealer, other than:
    • in respect of distributions conducted in accordance with exemptions set out under Regulation 45-106 respecting Prospectus and Registration Exemptions and provided disclosure is made in advance to investors about the existence and content of these commitments;
    • the purchase of a form of investment contemplated under the Act using the funds raised as a result of a distribution made in accordance with this paragraph;
  • to comply with and respect the laws and regulations pertaining to securities;
  • in the event of failure to comply with all conditions and commitments, the AMF may launch any procedures it deems necessary in the circumstances.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.

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