June 21, 2004 Securities

Montréal – In a decision rendered on June 4, 2004, the Bureau de décision et de révision en valeurs mobilières (BDRVM) ordered Kosta Parthimos to cease any activity in respect of the distribution of debt instruments and other securities of Barclay’s, Temple Trust and Milestone Financial.

The order, which was issued under section 265 of the Québec Securities Act (the “Act”), follows a hearing held on May 18, 2004 at the request of the Autorité des marchés financiers (“AMF”). Mr. Parthimos did not attend the hearing.

Mr. Parthimos was once registered with the Commission des valeurs mobilières du Québec (the “Commission”) as a representative of a dealer with an unrestricted practice but the rights granted by the registration were suspended on January 24, 2003 and then revoked on August 11, 2003.

During an investigation conducted by the Commission, it was found that Mr. Parthimos:

• distributed to one of his clients, on or around June 5, 2001, 2002 and 2003, debt instruments of the three foreign companies mentioned above. These distributions were made without a prospectus being submitted to the Commission for approval, contrary to section 11 of the Act;
• carried on activity as a securities dealer while his rights granted by the registration required under section 148 of the Act were suspended.

To read the decision of the BDRVM, 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.

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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For More 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

Additional news

• May 10, 2004 Ban requested against Kosta Parthimos