Portfolio management - Mandataire P.L.P. Inc. and Pierre-Louis Péloquin stripped of their rights and fined $32,500
Decisions and Freeze and cease trade orders Securities
Montréal - On August 16, 2012, at the request of the Autorité des marchés financiers (the AMF), the Bureau de décision et de révision (BDR) withdrew the rights granted by registration to Pierre-Louis Péloquin and Mandataire P.L.P inc. with the AMF and imposed penalties totalling $32,500.
More specifically, the BDR withdrew the rights granted by registration to Pierre-Louis Péloquin as chief compliance officer and ultimate designated person of Mandataire P.L.P. inc. The BDR also withdrew the rights granted by registration to Mandataire P.L.P. inc. as a portfolio manager.
Administrative penalties totalling $32,500 were also imposed on Mandataire P.L.P. inc. for breaches identified by the AMF: maintaining a working capital deficiency and failing to notify the AMF in a timely manner, providing an erroneous calculation of the working capital surplus, failing to submit various documents required by the AMF, and failing to have insurance or bonding as required by law. The AMF also noted that Pierre-Louis Péloquin did not have the qualifications necessary to act as chief compliance officer.
In its decision, the BDR indicated that This matter demonstrated the refusal of the registered company and its officer to comply with the obligations of registration. Under the Securities Act, the registration of a person is a privilege and the registrant is required to comply with the many obligations necessary to ensure public protection and market efficiency.
This decision was made following the suspension of the registration rights of Pierre-Louis Péloquin and Mandataire P.L.P. inc. issued in May 2011 by the BDR.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.
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