Mutual fund dealer - Withdrawal of Rimac Financial Inc.'s right to practise
Insurance Decisions and Freeze and cease trade orders
Montréal - The firm Rimac Financial Inc. has had its right to practise as a mutual fund dealer withdrawn and therefore can no longer act as such following its failure to comply with the conditions imposed by the Bureau de décision et de révision (BDR) in its decision rendered on May 14, 2012.
So far, the right to practise of three representatives attached to this dealer, Feico Jan Leemhuis, André Nolin and Dominique Ribière, are still suspended and they therefore cannot act as representatives of a mutual fund dealer for any firm whatsoever.
Rimac Financial Inc., Feico Jan Leemhuis and André Nolin were fined a total of $10,000 in administrative penalties. The AMF claimed that Rimac Financial Inc. did not send it documents required in connection with an inspection within the prescribed time period. It also alleged wrongdoing which could jeopardize the protection of the public, including failure to verify compliance of trades, failure to supervise representatives and their activities, the lack of an investor profile in some client files and self-directed brokerage by certain clients. Feico Jan Leemhuis and André Nolin are charged with not fulfilling their oversight and control duties, in addition to certain other regulatory infringements.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.
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