BMO Nesbitt Burns Inc. has received relief from the Ontario Securities Commission, allowing it to send account statements to certain clients on a quarterly basis, rather than a monthly basis.

The decision only applies to mutual fund or GIC purchases made by periodic deductions of funds from the client’s payroll or by pre-authorized payments on behalf of BMO Group Plan clients. It notes that if Nesbitt were registered as a “mutual fund dealer” and “limited market dealer”, it would only be required to send statements quarterly.

According to the decision, the relief is provided with the requirements that Nesbitt sends a quarterly statement clients for the relevant quarter, which sets out the same information that is required under the legislation for monthly statements; and account details remain accessible to clients, free of charge, at any time, through its Interactive Voice Response System.

The decision by the OSC also applies in British Columbia., Alberta, Saskatchewan, Quebec, Nova Scotia and Newfoundland.