The Autorité des marchés financiers reports that the Bureau de décision et de révision en valeurs mobilières issued, at the AMF’s request, a freeze order and a cease trade order against several firms.

The AMF says that the BDRVM issued the freeze on the funds, securities and other assets of Groupe financier Fides inc., La Fiducie Fides and 9166-6198 Québec inc., and a cease trading order in respect of Groupe financier Fides inc. and La Fiducie Fides.

The BDRVM made the decision because the respondents distributed loan agreements without obtaining a receipt from the AMF. Groupe financier Fides inc. and La Fiducie Fides advised investors that capital and interest could not be reimbursed, it notes.

The orders were issued without a hearing. “Because of the urgency of the situation, the BDRVM believed it was in the public interest to issue the freeze and cease trading orders mentioned above without a prior hearing,” it reports, adding that the BDRVM has informed the respondents that a hearing may be held within 15 days of this decision.