Montréal - On September 27, 2013, Justice of the Peace Johanne White found Michel Lemay, an executive of Stelmine Canada Ltd. and former executive of Exploration Amex inc., guilty on six charges for failing to comply with insider reporting deadlines. Michel Lemay was fined $12,000.
The Autorité des marchés financiers (the AMF) had accused Michel Lemay of failing to file, within the prescribed time period, statements about changes in his control over the securities of Exploration Amex inc. and Stelmine Canada Ltd. on six occasions, between January 2008 and August 2011. The reporting delay for one of these transactions was nearly two years.
Reminder for insiders
The AMF reminds insiders that they are required to report their trades within five days of the event via the System for Electronic Disclosure by Insiders (SEDI) and that it will take appropriate measures against repeat offenders, notably by launching penal proceedings against them. Insiders who do not file reports in a timely manner commit a serious offence by depriving investors of information that could influence their investment decisions.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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