Compliance Memo

Compliance Memorandum 2015-06; Certified Cheques

For more information, contact:

Compliance Team

Date Issued:

August 27, 2015

On February 6, 2015, GPWM issued Compliance Memorandum 2015-01; Certified Cheques, requiring that all client cheques for deposit over $150,000.00 must be Certified Cheques. On April 10, 2015, GPWM issued Compliance Memo 2015-02; Certified Cheques, which allowed for provisions for non-certified cheques over $150,000 to be accepted.

As a result of difficulties experienced with granting allowances as described in CM 2015-02, we must repeal Compliance Memo 2015-02; Certified Cheques, and return to the requirement that all cheques for deposit over $150,000 be Certified Cheques.

While we understand that this may be an inconvenience for some clients, we would remind advisors that they can get client cheques certified by taking the cheque to the issuing bank and having it certified there, prior to being deposited in the GP Wealth Management Trust Account.

We would also like to remind you that if a client provides a cheque for deposit that is below $150,000 that is not certified, the financial advisor can choose to deposit the cheque and process the trade as normal with the understanding that, should the cheque be returned as non-sufficient funds (NSF), GPWM may immediately reverse the transaction and the financial advisor will be responsible for all costs including dilution costs or losses, NSF Fees, FundSERV penalties as well as an administrative fee of $50.00.

As always, if you have any questions or comments, contact the Compliance Department by email at