Compliance violations cost the National Bank half a million dollars

The Mars Funders Foundation (AMF) has imposed a $500,000 administrative fine on National Bank Financial for failing to follow through.

According to the agreement submitted to the Administrative Tribunal for Financial Markets (TMF) by the AMF, Financière Banque Nationale (FBN) did not send documents “within the specified period” to 13,578 clients for the acquisition of a total of 24,168 principal unprotected National Bank notes issued of Canada, between June 12, 2018 and November 11, 2019.

The National Financial Bank has since sent the bulletins, accompanied by a notice, to all of its customers who should have received them, the Arab Monetary Fund said in a press release on Tuesday.

Accordingly, the corporation will have to pay an administrative fine of $500,000 for breaching Sections 29 of the Securities Act and 11.1 of Regulation 31-103 relating to registration requirements, exemptions, and continuing registrar obligations.

As part of this agreement, “FBN has acknowledged all facts and alleged violations. The administrative sanction imposed on the FBN particularly takes into account its communication of the situation to the AMF, its cooperation and the efforts it has made to rectify the deficiencies that led to the said violations and to remedy the situation with its clients”, we can also read.