Securities

Montréal – On June 23, 2004, the Agence nationale d’encadrement du secteur financier (also known as the “Autorité des marchés financiers” or “AMF”) filed a motion in Superior Court, district of Montréal, for the issuance of a special rule ordering Jean-Pierre Nadeau to appear in court to answer a charge of contempt of court. Judge Pierrette Sévigny allowed the motion and ordered Mr. Nadeau to appear before the Superior Court on July 28, 2004.

On December 17, 2003, the Commission des valeurs mobilières du Québec (now the AMF) ordered an investigation under section 239 of the Québec Securities Act (the “Act”). Summoned by subpoena, Mr. Nadeau appeared at the offices of the AMF on June 2, 2004 accompanied by his attorney. However, he refused to answer the questions asked by the investigator and provide the documents required by subpoena. In the event of failure to comply with the requirements of the Act, Mr. Nadeau could be found guilty of contempt of court and face a fine or imprisonment.

Under the Act, AMF investigators have the power to compel a person to testify and/or deliver certain documents. If the person fails to cooperate, the AMF may file a motion for the issuance of a special rule ordering the person to appear in court to answer a charge of contempt of court or it may institute penal proceedings.

To read press releases previously published 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.

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:

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Philippe Roy (514) 940-2176
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