NSBS seeks volunteers for new Trust Account Regulation Working Group
The Society is planning to modernize the Trust Assurance Program over the next six to nine months and is looking to form a working group that will help guide the planning and decision making.
The revised program will aid in the achievement of the following:
- reduce the regulatory burden on lawyers (through technology and innovation) while increasing compliance;
- reduce the complaints/claims received by the Society with respect to trust accounts (volume and/or complexity);
- enhance the risk management practices surrounding trust accounts (using Triple-P methodology); and
- enhance access to justice by providing education, resources, tools and increased flexibility for lawyers, with a goal of making it easier to understand and comply with trust account “rules” (using Triple-P methodology).
The working group will work with the Society on reviewing a number of areas related to the Trust Assurance Program (below) to achieve the results listed above:
- the trust regulations (including rules regarding restriction on use of trust account, materiality of balances, reporting timelines, reporting of overdrafts, client ID, etc.);
- the Trust Account Report (TAR) and the Accountants’ Review of Trust Accounts (ARTAR) as they relate to the regulations;
- the trust assurance risk assessment process; and
- education and communication of changes with the profession.
If you would like to express interest in participating in the working group, please contact Sean Walker, Director, Finance & Administration, firstname.lastname@example.org 902-422-1491 x314 by June 30. The initial plan is to have the group meet approximately once per month (two hour meetings) between July and December 2018.