Norshield funds ordered to cease activity


Montréal – At the request of the Autorité des marchés financiers (AMF), the Bureau de décision et de révision en valeurs mobilières (BDRVM) issued an order on May 20, 2005 for the cessation of any activity in respect of a transaction in the shares of Olympus United Funds Corporation for failure to file its annual financial statements within the prescribed time period.

On May 2, 2005, Olympus United Funds Corporation announced that redemptions of units in certain hedge funds managed by Norshield Financial Group had been suspended for an indefinite period. The AMF has met with the senior executives at Norshield and is reviewing the company’s operations in co-operation with the Ontario Securities Commission (OSC) and the Mutual Fund Dealers Association of Canada (MFDA) to clarify the situation.

“Our primary concern is ensuring that investors are protected,” said AMF President and CEO Jean St-Gelais, who added that the AMF would continue to monitor developments very carefully.

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

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