On May 15, 2012, the Bureau de décision et de révision ratified a joint recommendation by the Autorité des marchés financiers (the AMF), Interexxim inc., a firm registered as an unrestricted practice adviser and portfolio manager, and Richard Fiset, portfolio manager, officer in charge and Chief Compliance Officer of Interexxim inc. Under the recommendation, Interexxim inc. and Richard Fiset agree to pay a total administrative penalty of $6,050 for having failed to comply with the insurance requirements applicable to portfolio managers. These requirements were introduced with the coming into force of Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations.

Interexxim inc. and Richard Fiset also agreed to cease carrying on business as a securities adviser and portfolio manager by terminating their registration with the AMF.