Changes in the management of the Canadian Scholarship Trust Plans were announced Thursday by Canadian Scholarship Trust Foundation and C.S.T. Consultants Inc.

Effective September 28, CST Foundation retained CST Consultants to direct the business, operations and affairs of the plans, which represents an expansion of CST Consultants’ previous role as administrator and distributor of the plans.

Due to these changes, the manager of the plans is CST Consultants and not CST Foundation. CST Foundation retains its role as the sponsor of the plans and will continue to provide governance and oversight services to the plans. 

CST Consultants remains the distributor of the plans.

According to the two organizations, these management changes result from new securities regulatory requirements affecting managers of investment funds As of September 28, 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, CST Consultants applied to become registered with the Ontario Securities Commission in that capacity within the applicable deadline. CST Consultant will continue to be registered as a scholarship plan dealer with the securities regulatory authorities in all provinces and territories of Canada.

IE