October 8, 2013 Decisions and Freeze and cease trade orders

The Bureau de décision et de révision (the Bureau) imposed an administrative penalty totalling $14,500 against Société d'investissement Fjord inc. consisting of $10,000 for failing to register a chief compliance officer, and $4,500 for failing to purchase an insurance policy between September 2009 and January 2011.

In its decision, the Bureau stated that it is up to registered persons to comply with legal requirements and that as a result of a lack of understanding or confusion regarding the appointment of a chief compliance officer, questions should have been put to the Autorité des marchés financiers (AMF).