Market Regulation Services Inc.

Market Regulation Services Inc.

March 11, 2005 10:57 ET

RS Hearing Panel to consider a Settlement Agreement between RS and Desjardins Securities Inc., Jean-Pierre De Montigny and Jean-Luc Brunet


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MARKET REGULATION SERVICES INC.

MARCH 11, 2005 - 10:57 ET

RS Hearing Panel to consider a Settlement Agreement
between RS and Desjardins Securities Inc., Jean-Pierre
De Montigny and Jean-Luc Brunet

MONTREAL, QUEBEC--(CCNMatthews - March 11, 2005) - At 11 a.m. on
Wednesday, March 16, 2005, an RS Hearing Panel will convene at the Four
Points Sheraton Hotel in the Saint Michel room on the 3rd floor at 475
Sherbrooke Street West, Montreal to consider a settlement agreement
between RS and Desjardins Securities Inc.; Jean-Pierre De Montigny,
President & Chief Operating Officer; and Jean-Luc Brunet, former
Vice-President Compliance and Chief Compliance Officer, for alleged
violations of the Universal Market Integrity Rules (UMIR). The hearing
is open to the public.

The settlement with Desjardins Securities Inc. relates to the failure to
record client consent to trade alongside on a client ticket (UMIR
5.3(6)); audit trail requirements (UMIR 10.11); and trading supervision
obligations (UMIR 7.1 and Policy 7.1).

The settlement with De Montigny and Brunet relates to their trading
supervision obligations under UMIR 7.1(4) and Policy 7.1.

The Universal Market Integrity Rules can be accessed from the RS website
at:
www.rs.ca/en/mktpol/umir01.asp?printVersion=no&loc1=mktPol&loc2=umir&loc3
=01

No details of the settlement agreement will be released prior to the
March 16 hearing.

The RS Hearing Panel may accept or reject the settlement agreement. In
the event the settlement agreement is accepted, the matter becomes final
and there can be no appeal of the matter. In the event the settlement
agreement is rejected, RS may proceed with a hearing of the matter
before a differently constituted Hearing Panel.

The terms of the settlement, if accepted and approved by the Hearing
Panel, and the disposition of this matter by the Hearing Panel will be
published by RS as a Disciplinary Notice and in a news release.

About Market Regulation Services Inc. (RS)

RS is the independent regulation services provider for Canadian equity
marketplaces, including the TSX, TSX Venture Exchange, Canadian Trading
and Quotation System, Bloomberg Tradebook Canada Company and Liquidnet
Canada Inc. RS is recognized by the Autorite des marches financiers in
Quebec and the securities commissions of Ontario, Manitoba, Alberta and
British Columbia to regulate the trading of securities on these
marketplaces by participant firms and their trading and sales staff. RS
helps protect investors and ensure market integrity by ensuring all
equities transactions are executed properly, fairly and in compliance
with trading rules.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Market Regulation Services Inc.
    Doug Maybee
    Director of Communications & Public Affairs
    (416) 646-7253, Cell: (416) 627-3900
    doug.maybee@rs.ca
    www.rs.ca