Montréal - The Bureau de décision et de révision (the "Bureau") recently approved and rendered enforceable an agreement between the Autorité des marchés financiers (the "AMF"), Croissance Capital inc. and Sylvain Beauséjour.
Under the agreement, the firm will pay a $12,500 administrative penalty for breaching various provisions of An Act respecting the distribution of financial products and services and the regulations thereunder. An inspection by the AMF revealed certain non-compliance issues relating to the analysis of clients' financial needs and risk profile and the procedure for replacement notices.
The firm also agreed to set up control and oversight measures to ensure that its representatives comply with the law, maintain these measures and ensure that its representatives abide by them.
Sylvain Beauséjour agreed to pay $1,250 in connection with the breaches mentioned above, as the firm's responsible officer.