Securities

Montréal – During a brief hearing held on March 2, 2004, the Bureau de décision et de révision en valeurs mobilières (BDRVM) agreed for the second time to postpone the hearing seeking to determine the measure to be imposed upon TIP Investment Advisors Ltd. (TIP Advisors) and Paul Gagné. This postponement was granted at the request of the attorney for the latter parties. The hearing will be held on March 23 and 24, 2004.

Recall that in a decision issued on January 30, 2004, the Commission des valeurs mobilières du Québec had found that TIP Advisors and Paul Gagné had neither the skills nor the probity required by the Québec Securities Act to ensure the protection of investors. The parties had been called to a hearing on February 16, 2004 to make their representations concerning the measure to impose upon TIP Advisors and Paul Gagné. This hearing had been postponed until March 2 and 3, 2004.

Established on February 1, 2004, the Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector. The AMF merges the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l'assurance-dépôts du Québec, the Fonds d'indemnisation des services financiers and the Inspector General of Financial Institutions.

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