Gestion de fonds O'Leary to pay $38,000 in administrative penalties


The Bureau de décision et de révision (the "Bureau") recently acknowledged an agreement between the Autorité des marchés financiers (the "AMF") and Gestion de fonds O'Leary, LP ("O'Leary").

The AMF charged O'Leary with failing to comply with various provisions under the Securities Act, namely, the restriction regarding securities concentration in a portfolio, the requirement to publish and file in a timely manner a press release informing the public about changes to a fund's fundamental investment objectives, the requirement to hold insurance coverage in accordance with regulations and the requirement to notify the AMF of any change to the information filed for registration purposes. With respect to the latter requirement, O'Leary had failed to declare that it was the subject of a counterclaim for damages.

Regarding its agreement with the AMF, O'Leary has confirmed that it took the necessary measures to correct each of the violations noted by the AMF and agreed to pay an administrative penalty of $38,000.