TORONTO, Sept. 30 /CNW/ - Canadian Scholarship Trust Foundation (the
Foundation) and C.S.T. Consultants Inc. (CSTC) are pleased to announce
changes in the management of the Canadian Scholarship Trust Plans.
Effective September 28, 2010, the Foundation retained CSTC to direct the
business, operations and affairs of the Plans, which represents an
expansion of CSTC's previous role as administrator and distributor of
the Plans. Due to these changes, as of September 28, 2010, the manager
of the Plans is CSTC and not the Foundation. The Foundation retains its
role as the sponsor of the Plans and will continue to provide governance
and oversight services to the Plans.
CSTC remains also the distributor of the Plans.
These management changes result from new securities regulatory
requirements affecting managers of investment funds, which became
effective on September 28, 2010. As of this date, managers of
investment funds were required to apply to the applicable securities
regulatory authority for registration as an "investment fund manager"
and once registered, these firms must comply with all applicable
registration requirements, including working capital, insurance,
compliance systems and financial reporting. With its enhanced duties
and responsibilities, CSTC applied to become registered with the Ontario
Securities Commission in that capacity within the applicable deadline.
CSTC will continue to be registered as a scholarship plan dealer with
the securities regulatory authorities in all provinces and territories
SOURCE C.S.T CONSULTANTS INC.
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