Illegal practice as securities adviserLuc Bousquet and MIB Conseils inc. fined $50,000

Securities Decisions and Freeze and cease trade orders

Montréal - On April 6, 2016, the Bureau de décision et de révision ("Bureau") approved an agreement reached by the parties and imposed administrative penalties of $25,000 on Luc Bousquet and $25,000 on the accounting firm MIB Conseils inc. (MIB) for illegal activities as securities advisers.

An investigation conducted by the Autorité des marchés financiers ("AMF") revealed that Luc Bousquet and MIB managed the portfolios of at least three individuals or firms without being registered with the AMF in any capacity whatsoever. However, portfolio management is an activity reserved for securities advisers within the meaning of the Securities Act.

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

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