September 25, 2015 Decisions and Freeze and cease trade orders Securities

On September 16, 2015, at the request of the Autorité des marchés financiers (the "AMF") and with the agreement of British Controlled Oilfields Ltd ("BCO"), a non-redeemable investment fund, the Bureau de décision et de révision (the "Bureau") issued various orders in light of the fund's non-compliance with various regulatory provisions.

Specifically, BCO failed to comply with various provisions of Regulation 81-102 respecting Investment Funds and Regulation 81-106 respecting Investment Fund Continuous Disclosure, including the lack of a custodian and the lack of net asset value calculations. Moreover, the fund no longer has a portfolio manager.

The Bureau therefore issued orders against BCO to take corrective measures by assigning the custodianship of its fund portfolio to a single custodian and to cease any activity in respect of a transaction in the securities of BCO, as well as a freeze order to secure the proceeds of the liquidation of the fund assets held by the former custodian of the funds and an order to deposit the proceeds of the liquidation in a secure manner.

It should be mentioned that BCO's continuous disclosures are up-to-date and that investors are aware of the latest developments in this matter.