Press Release: Precisions on the Notice of the AMF regarding orphan policies

http://www.lautorite.qc.ca/files/pdf/bulletin/2013/vol10no20/vol10no20_3-1.pdf/

On may 23rd, the l’Autorité des Marchés Financiers (AMF) announced in the Notice above (in French only) that the existence of orphan policies constituted infractions under article 16 of the Act respecting the distribution of financial products and services, L.R.Q., c. D-9.2, and also under articles 4, 23 and 24 of the code of ethics of the la Chambre Finnaciere R.R.Q., c. D-9.2, r. 3.and under article 222.2 of the Insurance Act L.R.Q., c. A-32.

I am publishing this press release in the interest of the truth. The notice in question gives the impression that only the advisors and insurance companies are responsible for this very serious situation. The truth is that the AMF knew of the existence of the infractions represented by orphan policies for more than 20 years but decided to turn a blind eye to this situation and to not apply the law…

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