June 1^st, 2017 Insurance Decisions and Freeze and cease trade orders

Montréal – On March 8, 2017, following an application filed by the Autorité des marchés financiers (the “AMF”), the Financial Markets Administrative Tribunal (the “Tribunal”) issued orders against LYL Assurances inc. (LYL), Louis-Yves Lucien, Charles Tshitundu Mbuyi and Maxan Samuel André in connection with failures to comply with the Act respecting the distribution of financial products and services (the “Distribution Act”).

More specifically, the Tribunal imposed a $32,500 administrative penalty on LYL for acting through two representatives even though their certificates were inactive or their attachment was pending, for failing to oversee the conduct of one of its representatives and for failing to comply with the requirements set out in sections 84 to 86 of the Distribution Act.

In addition, the Tribunal imposed a $7,500 administrative penalty on Louis-Yves Lucien for failing, as the responsible officer, to oversee the conduct of one of his representatives and for failing to comply with the requirements set out in sections 84 to 86 of the Distribution Act. The Tribunal also prohibited Louis-Yves Lucien from acting, directly or indirectly, as the responsible officer of LYL or any other insurance firm for a period of five years. Moreover, the Tribunal imposed a condition on Louis-Yves Lucien’s certificate whereby he must be attached to a firm where he is neither the responsible officer nor a director, for a period of three years.

The Tribunal imposed a condition on Charles Tshitundu Mbuyi’s certificate whereby he must be attached to a firm where he is neither the responsible officer nor a director, for a period of three years.

Lastly, the Tribunal imposed a $10,000 administrative penalty on Maxan Samuel André, prohibited him from acting, directly or indirectly, as the responsible officer of LYL or any other insurance firm for a period of five years, and cancelled his certificate for a period of one year.

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

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