Tuesday, December 21, 2010

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New Rules on Trust Safety Program

The Benchers of the Law Society of Alberta have approved new rules for the safety of trust property and the new Trust Safety Program will come into effect January 1, 2011. 

Law firms with a December 31, 2010 year-end will follow reporting requirements under the current rules.

Law firms with a January 31, 2011 year-end will follow reporting requirements under the new audit and accounting rules, which come into effect January 1, 2011. The Law Society is in the process of contacting these firms on how this change will impact them. To see the new rules, click here.

Specific transitional provisions are provided in the new rule 120.

This new regulatory structure for trust property addresses concerns about rising threats to the security of trust funds. The Law Society’s new strategy around trust safety will introduce new control techniques and new audit measures. These new measures will be applied to lawyers based on demonstrated success in complying with trust rules and maintaining adequate books and records.

To learn more about the Trust Safety Program, click here.

To read Frequently Asked Questions, please click here.

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www.lawsociety.ab.ca
Law Society of Alberta
Calgary Office
Suite 500, 919 11th Avenue SW
Calgary, Alberta T2R 1P3
Phone: 403-229-4700

Edmonton Office
201 10060 Jasper Avenue,
Edmonton, Alberta T5J 3R8
Phone: 780-429-3343

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