Securities

Montréal – On June 15, 2004, the Agence nationale d’encadrement du secteur financier (also known as the “Autorité des marchés financiers” or “AMF”) requested that the Bureau de décision et de révision en valeurs mobilières (“BDRVM”) prohibit Stevens Demers from acting as a director or senior executive of an issuer for a period of five years as of the date of the BDRVM decision. The AMF also requested that the BDRVM take any other measure against Mr. Demers to ensure compliance with the provisions of the Québec Securities Act (the “Act”).

The request was made by the AMF under section 273.3 of the Act and sections 93 and 94 of the Act respecting the Agence nationale d’encadrement du secteur financier. The hearing before the BDRVM will take place on July 6, 2004 at 9:30 a.m.

The reasons for the request are the following:

  • Stevens Demers was imposed a penalty under the Securities Act when ordered to pay a fine of $77,000 on April 26, 2004 after pleading guilty to 33 counts brought against him further to the penal proceedings initiated by the Commission des valeurs mobilières du Québec on October 7, 2002.
  • Stevens Demers is alleged to have repeatedly failed to fulfill his obligations as a director within the meaning of the Civil Code of Québec.

To read the AMF’s request (pdf - 96 KB)This link will open in a new window (available in French only), please consult the appendix to the press release posted on the AMF’s website, under the heading Media Centre/The Autorité’s Latest Press Releases.

To read press releases previously issued in this matter, please consult the AMF’s website, under the heading Access to the sites of the organizations merged into the Autorité. Click on the link to the Commission des valeurs mobilières du Québec (CVMQ), then on the link to the CVMQ’s archived press releases.

Created under the Act respecting the Agence nationale d'encadrement du secteur financier, the Bureau de décision et de révision en valeurs mobilières (BDRVM) is a tribunal which exercises certain powers prescribed by the Securities Act. The BDRVM is independent of the AMF.

Established on February 1, 2004, the Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector. The AMF consists of 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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Information:

Journalists only:
Philippe Roy (514) 940-2176
Issuers, dealers, advisers and representatives: (877) 525-0337, dial 9 for English, then dial 1 for industry
Investors: (877) 525-0337, dial 9 for English,then dial 2 for consumers

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