August 22, 2012

On August 16, 2012, the Bureau de décision et de révision (the "Bureau") approved a joint recommendation between the Autorité des marchés financiers (the "AMF") and Fin Al inc., a firm registered in insurance of persons and group insurance of persons, and its officer in charge André Langlois. Under this recommendation, Fin Al inc. has agreed to pay an administrative penalty of $17,500.

The AMF reproached Fin Al inc. for failing to comply with a number of provisions of An Act respecting the distribution of financial products and services (the "Act"), in particular for using company names which had not been declared to the AMF, and the use of the financial planner title by André Langlois, who had not been registered in this capacity with the AMF, as well as for neglecting to have a separate account for the collection of client premiums, a financial needs analysis in some insurance client files and a risk profile or adequate risk profile in some segregated fund client files.

Moreover, on behalf of the firm, André Langlois undertook to comply with all the obligations provided for under the Act and send to the AMF a confirmation of the opening of a separate account as well as an action plan and a timetable regarding the measures implemented to meet the conditions of this undertaking.