Montréal - At the request of the Autorité des marchés financiers ("AMF") and following the respondent's agreement, the Bureau de décision et de révision ("Bureau") issued a decision on July 5, 2013 barring René Adam1 from pursuing activities as an adviser and ordering him to remove his ads from the Internet.

The decision follows an AMF investigation during which an AMF investigator, using a fictitious identity, contacted René Adam by telephone in response to one of his ads. In the course of a number of e-mail exchanges, René Adam made recommendations regarding the purchase or sale of securities.

René Adam was not registered with the AMF for the purpose of providing such financial services.

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

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1 The respondent René Adam should not be confused with the representative of Hexavest Inc., Jean-René Adam, who holds registration no. 1871581.