A brokerage in Ontario operates multiple branch offices. Under the regulations made under TRESA, what are the trust account requirements for this structure?
Correct Answer
B) One trust account serves all offices unless the registrar consents to more
TRESA s. 27 requires every brokerage, not each office, to maintain a trust account for money it holds in trust. O. Reg. 567/05 s. 14 then says a brokerage shall not maintain more than one trust account for that purpose unless the registrar consents in writing. So a multi-office brokerage uses one trust account for all its offices, with a second account only with the registrar's written consent.
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