The Autorité des marchés financiers reports that the Bureau de décision et de révision en valeurs mobilières has renewed an initial freeze order on the funds, securities and other assets of Groupe financier Fides inc., La Fiducie Fides and 9166-6198 Québec inc.

The original order was issued on June 14, 2006. The renewal extends that order for 90 days. At the request of the AMF, the BDRVM issued a freeze order on June 14, 2006 on the funds, securities and other assets of Groupe financier Fides, La Fiducie Fides and 9166-6198 Québec, as well as a cease trade order against Groupe financier Fides and La Fiducie Fides.

The BDRVM said it made the decision because the respondents distributed loan agreements without approval from the AMF, and the firms had advised investors that capital and interest could not be reimbursed. The freeze order was renewed on September 6 and December 5, 2006.

In the decision it issued on March 6, the BDRVM also partially lifted the freeze order so that payment may be made to investors due to a couple of court decisions as determined in Court of Québec judgments handed down in February.