Published: June 3, 2005
Securities

Montréal – At the request of the Autorité des marchés financiers (AMF), the Bureau de décision et de révision en valeurs mobilières (BDRVM) has imposed a restriction on Norshield Asset Management’s registration as a securities adviser with an unrestricted practice by today appointing a monitor pursuant to subparagraph 93(1) of An Act respecting the Autorité des marchés financiers and section 152 of the Securities Act.

On May 16, 2005, the AMF undertook a review of the operations of Norshield and Olympus Funds in co-operation with the Ontario Securities Commission and the Mutual Fund Dealers Association of Canada. Norshield and Olympus have been unable or unwilling to adequately explain the investment structure, and flow and location of client funds and assets.

Given that Norshield no longer seems to have the integrity required under section 151 of the Securities Act, the AMF requested that a restriction be imposed on the rights granted by registration, namely the appointment of a monitor, for the purpose of ensuring the protection of investors and Norshield’s current clients.

The chartered accounting firm RSM Richter of Montréal has been appointed to act as monitor.

“This exceptional measure was taken because Norshield has been unable to meet our repeated requests for information,” said AMF President and CEO Jean St-Gelais, who pointed out that the monitor’s role was to approve all transactions related to the management of the company, including the transfer of funds and assets.

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

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