Autorité des marchés financiers (AMF) imposes an administrative penalty of $ 500,000 on National Bank Financial for failure to follow up.
According to an agreement submitted by AMF to the Financial Markets Administrative Tribunal (TMF), Financière Banque Nationale (FBN) did not send the documents “within the prescribed timeframe” for a total of 24,168 principal securities to 13,578 customers. By National Bank of Canada, between June 12, 2018 and November 11, 2019.
AMF said in a press release on Tuesday that National Bank had sent the financial prospectuses, along with the notice, to all of its customers who had received them.
Accordingly, the Company shall pay an administrative penalty of $ 500,000 for violations of Sections 29 and 11.1 of Regulations 31-103 relating to registration requirements, exemptions and ongoing registration obligations.
As part of the deal, FBN acknowledged all the facts and violations. The administrative penalty imposed on FBN is specifically for reporting its status to the AMF, its contribution and its efforts to rectify the deficiencies that led to identified violations and to rectify the situation with its customers. Read on.