AMF levies fine against Richard Langevin Assurances Ltee.

The Autorit des marches financiers (AMF) handed a $5,000 fine against Richard Langevin Assurances Lte under section 115 of the Act respecting the distribution of financial products and services.
The firm is also required to produce, to the AMFs satisfaction, details of the control and supervisory measures set up to ensure that the firm, the officers responsible for the firm, its representatives and employees comply with the Distribution Act and its regulations, a release from the AMF says.
Under the ruling, if Richard Langevin Assurances Lte fails to provide these details, the firms registration will be suspended in all sectors in which it is registered and remain so as long as the firm does not comply with the AMF ruling, the release adds.
The facts behind this ruling stem from a contract signed in May 2003 that constituted an agreement for the sharing of commissions in violation of section 100 of the Distribution Act. Richard Langevin Assurances Lte failed to ensure that its officers and employees complied with the Act.
The AMF is the regulatory and oversight body for Quebecs financial sector.