Securities Decisions and Freeze and cease trade orders

Montréal - On March 24, 2016, the Bureau de décision et de révision ("Bureau") approved a commitment made by Nicolas De Smet to cease, as of such date, any activity, directly or indirectly, in respect of a transaction in securities and any activity as an adviser within the meaning of the Securities Act.

The commitment is related to an investigation that the Autorité des marchés financiers ("AMF") is conducting in connection with various investments, including investments in Iraqi dinars, involving Luc Roberge,1 who is now deceased, as well as Daniel Kaufmann and Nicolas De Smet.

On February 26, 2016, the Bureau issued an interim freeze order against Me Jean-Paul Gagnon, who holds funds in a trust account on behalf of Nicolas De Smet, among others.

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

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1 The respondent Luc Roberge should not be confused with Luc Roberge, who is registered as a dealing representative (mutual fund dealer) with National Bank Securities Inc.