On May 9, 2012, at the request of the Autorité des marchés financiers (the AMF), the Bureau de décision et de révision imposed an administrative penalty of $10,000 on Option Investissements inc., a mutual fund, insurance of persons and financial planning firm. The AMF claimed that Option Investissements inc. failed to appoint a chief compliance officer who meets the legal requirements between September 28, 2010 and March 19, 2012. Option Investissements inc. has admitted the facts alleged by the AMF, confirmed that it has appointed and registered a chief compliance officer in accordance with Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations, and agreed to pay an administrative penalty of $10,000.