Deposit institutions Organization
The Autorité des marchés financiers (AMF) signed an agreement with Société de fiducie CST (Fiducie CST) to complete a standardization process.
On or about January 17, 2014, Fiducie CST notified the AMF of a situation involving non-compliance with An Act respecting trust companies and savings companies pertaining to trustee activities carried on in Québec without the necessary prior authorization to act as a trust company.
Fiducie CST undertook the necessary procedures to regularize its situation and obtained the trust company licence required to carry on activities in Québec.
Fiducie CST, which does not have a history with the AMF, acted in good faith and was co-operative, and has agreed to improve its control policies and procedures.
Under the agreement, Fiducie CST will pay a penalty of $10,000 in connection with this violation.