February 7, 2007 Decisions and Freeze and cease trade orders Insurance

Montréal – The Autorité des marchés financiers (AMF) has cancelled the registration of Gestion de Placements I.S.L. inc. under section 115 of the Act respecting the distribution of financial products and services, R.S.Q., c. D-9.2 (the “Act”).

The decision to cancel the firm’s registration is based on a number of reasons, including:

• Gestion de Placements I.S.L. inc. failed to pay its annual fees to the AMF as prescribed by regulation and to maintain insurance coverage consistent with the requirements determined by regulation, thereby violating sections 81 and 83 of the Act.
• Gestion de Placements I.S.L. inc. failed to act with honesty and loyalty in dealings with clients as well as failed to act with care and competence, thereby violating section 84 of the Act.
• Gestion de Placements I.S.L. inc. failed to ensure that its representatives complied with the Act and its regulations.

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

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Information:

Media only:
Frédéric Alberro (514) 940-2176
Issuers, dealers, advisers and representatives: (877) 525-0337, choose option 9 for English, then 1 for industry
Consumers and investors: (877) 525-0337, choose option 9 for English, then 8 for consumers