Decisions and Freeze and cease trade orders Insurance Securities

Montréal – In a decision handed down on September 24, 2010, Judge DuPerron Roy, Justice of the Peace of the Court of Québec, district of Laval, imposed a $30,000 fine on Claude Sicotte, who was found guilty of illegally receiving a commission in connection with the sale of a financial product or the provision of a financial service.

Under An Act respecting the distribution of financial products and services, only a firm, an independent representative or independent partnership, a broker governed by the Real Estate Brokerage Act, a securities dealer or adviser governed by the Securities Act, a deposit institution, an insurer or a federation within the meaning of the Act respecting financial services cooperatives may receive a commission in connection with the sale of a financial product or the provision of a financial service.

The sentence was handed down in the absence of the defendant and the lawsuit was served by way of publications in newspapers in March 2010.

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

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