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Changes to Trust Accounting Requirements – April 1, 2019

To learn more register for the "Trust Safety Program Webinar: What You Need to Know" available through cpdonline.

The Law Society is implementing a Trust Safety Program which has two significant components.

First, effective April 1, 2019, every lawyer or law firm that currently operates a trust account will be required to apply to the Law Society for a practising lawyer to be approved as the firm’s trust account supervisor.  New Firms applying for a trust account April 1, 2019 and thereafter will be required to apply for approval before opening a trust account.

Secondly, once approved to act in that role, the trust account supervisor will be required to successfully complete the Society’s online trust accounting education program on or before October 1, 2019.  Once having completed both stages of the approval process, the trust account supervisor will be responsible and accountable for the operation of the firm’s trust account(s) and for the firm’s record keeping requirements.  If the Law Society has any questions or concerns regarding the firm’s accounting or record keeping, they will be directed to the trust account supervisor.

The Law Society has delivered three in person information sessions on the new Trust Safety Program as well as a webinar describing the program and detailing the requirements and deadlines.  Attendance at one of these sessions is important as it provides a comprehensive overview of the Trust Safety Program and the implications of the program for all practitioners.

A recording of the webinar presentation is now available through cpdonline. If you are a current registered cpdonline user you may automatically enroll yourself at any time in this free course “Trust Safety Program Webinar: What You Need to Know”. To learn more about how to register for a cpdonline account and how to access this online resource see this cpdonline FAQ.

If a lawyer within your firm has not attended a session on the program, we recommend that you register for the webinar at your earliest convenience as the April 1, 2019 deadline is fast approaching.  There is no charge for the program and your attendance will be credited toward your annual CPD requirements.

Please note that the failure to meet the application deadline of April 1, 2019 or the failure to complete the online trust accounting education program by October 1, 2019 will result in the closure of your trust account.

Please note, as well, that due to implementation of the Trust Safety Program the requirement to file an Annual Trust Account Report has been eliminated.

If you have any questions after viewing the webinar please contact the Law Society Audit Department at audit@lawsociety.mb.ca.

For additional information please see the following resource materials:

Trust Safety Program Guideline

Trust Safety Program - FAQs


 

 

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