August 30, 2016 Decisions and Freeze and cease trade orders Securities

Montréal - On April 19, 2016, the Tribunal des marchés financiers (the "Tribunal," formerly the Bureau de décision et de révision) issued the following reciprocal orders against Paul Azeff and Korin Bobrow at the request of the Autorité des marchés financiers (the "AMF"):

• Prohibition against trading in securities for ten years;
• Prohibition against practising as an adviser or acting as an investment fund manager for 10 years;
• Prohibition against acting as a director or officer of any reporting issuer, dealer, adviser or investment fund manager for 5 years;
• Cancellation of their registration as dealer representatives.

The Ontario Securities Commission (OSC) previously rendered similar orders This link will open in a new window against Paul Azeff and Korin Bobrow after finding them guilty of tipping and insider trading.

The evidence shows that Paul Azeff and Korin Bobrow are residents of Québec who, at the time of the alleged wrongdoing, worked as registered representatives in the Montréal office of a brokerage firm. Given that fact and the very serious nature of the offences for which the respondents were found guilty by the OSC, the AMF asked the Tribunal to issue reciprocal orders against them similar to those issued in Ontario in order to give Québec investors and markets the same protection afforded investors and markets in Ontario.

In view of the evidence presented, the Tribunal held that the risk posed by the respondents to the public interest, investor protection and market integrity is significant and cannot be adequately mitigated by the supervision of their activities as securities professionals.

The respondents have appealed the OSC decisions before the Ontario courts, although the orders are enforceable notwithstanding appeal.

Accordingly, the Tribunal held that it was in the public interest to issue all the reciprocal orders requested by the AMF against Messrs. Azeff and Bobrow.

The respondents have also appealed the Tribunal's decision to the Court of Québec, although the reciprocal orders are enforceable notwithstanding appeal.

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

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