S-29.02 - Trust Companies and Savings Companies Act

Full text
282. A monetary administrative penalty of $2,500 may be imposed on
(1)  an authorized trust company
(a)  that fails to perform its obligations under an undertaking given to the Authority under section 26, 83, 125 or 134,
(b)  that, in contravention of section 34, fails to adopt a complaint processing policy or that, in contravention of section 65, fails to adopt an investment policy approved by its board of directors, or whose ethics committee, in contravention of section 85, fails to adopt rules of ethics,
(c)  that, in contravention of section 34, fails to keep the complaints register prescribed by that section,
(d)  if, in contravention of section 75, neither a director nor a committee has reported to the board of directors on the responsibility conferred on them of seeing that sound commercial practices and sound and prudent management practices are adhered to and situations contrary to such practices are detected, or
(e)  that, without the Authority’s authorization under section 83 has not, in contravention of section 81, established an audit committee or an ethics committee or has established one whose composition contravenes section 82; or
(2)  a regulated corporation that fails to perform its obligations under an undertaking given to the Authority under section 187.
2018, c. 232018, c. 23, s. 395.
In force: 2019-06-13
282. A monetary administrative penalty of $2,500 may be imposed on
(1)  an authorized trust company
(a)  that fails to perform its obligations under an undertaking given to the Authority under section 26, 83, 125 or 134,
(b)  that, in contravention of section 34, fails to adopt a complaint processing policy or that, in contravention of section 65, fails to adopt an investment policy approved by its board of directors, or whose ethics committee, in contravention of section 85, fails to adopt rules of ethics,
(c)  that, in contravention of section 34, fails to keep the complaints register prescribed by that section,
(d)  if, in contravention of section 75, neither a director nor a committee has reported to the board of directors on the responsibility conferred on them of seeing that sound commercial practices and sound and prudent management practices are adhered to and situations contrary to such practices are detected, or
(e)  that, without the Authority’s authorization under section 83 has not, in contravention of section 81, established an audit committee or an ethics committee or has established one whose composition contravenes section 82; or
(2)  a regulated corporation that fails to perform its obligations under an undertaking given to the Authority under section 187.
2018, c. 232018, c. 23, s. 395.