Securities Decisions and Freeze and cease trade orders
On July 11, 2013, the Bureau de décision et de révision (the "Bureau") handed down a decision against MonArc Money Solutions Inc., a mutual funds dealer, whereby the firm, the officer in charge (Karina Stevens) and the chief compliance officer (Paul Hauck), agreed to pay penalties totalling $63,704. Conditions were also imposed on their activities.
In particular, MonArc Money Solutions Inc. is required to appoint, within 90 days following the Bureau's decision, a new officer in charge and a new chief compliance officer to the satisfaction of the Autorité des marchés financiers ("AMF"). Meanwhile, MonArc Money Solutions Inc., Karina Stevens, as the officer in charge, and Paul Hauck, as the chief compliance officer, are prohibited from hiring new representatives, from soliciting new clients and from opening new client accounts. In addition, Karina Stevens and Paul Hauck will not be able to act as supervisors for a period of two years.
The decision is further to a number of violations noted by the AMF in the course of inspections conducted in 2012 and 2013. In particular, according to the AMF, MonArc Money Solutions Inc. failed to file, within the prescribed time period, various documents required under laws and regulations administered by the AMF. As well, Paul Hauck and Karina Stevens failed to fulfill some of their obligations as chief compliance officer and officer in charge at MonArc Money Solutions Inc.