Administration of penalties for failure to comply with Ancillary Fund Guidelines

What is this practice statement about?

Administrative penalties - general rules

Administration of the penalties

Step 1 - Determine if a penalty is imposed by law

Step 2 - Determine who should be liable to the penalty

Step 3 - Determine if all or a part of the penalty should be remitted

Step 4 - Notify each trustee and/or each director of the corporate trustee of the liability to pay the penalty

Examples