Compliance failures cost NBF half a million

National Bank Financial will have to pay half a million dollars for regulatory breaches.

Posted at 4:20 p.m.

Richard Dufour

Richard Dufour
The Press

This penalty stems from the discovery of defects in the control measures put in place by National Bank Financial, which meant that during the period from June 12, 2018 to November 11, 2019, a total of 13,578 customers who acquired 24,168 tickets at unprotected capital issued by National Bank of Canada were not provided with a copy of the approved prospectuses within the prescribed period, as required by the regulations.

National Bank Financial has since sent the approved prospectuses, along with a notice, to all of its clients who should have received them.

The penalty takes into account, in particular, the denunciation of the situation by National Bank Financial to the Autorité des marchés financiers (AMF), its collaboration and the efforts it made to correct the shortcomings that led to the breaches observed and to remedy the situation with its customers.


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