The Investment Dealers Asssociation today announced the compliance monitor appointed for Union Securities Inc. has fulfilled its duties.

On July 26, 2005, an IDA Hearing Panel appointed Grant Thornton LLP as compliance monitor for Union. The appointment was extended on Oct. 17, 2005 until Dec. 30, 2005.

The IDA said Grant Thornton has devoted significant time to assessing Union’s compliance system, recommending changes to its policies, procedures and governance, assisting Union to implement changes and, finally, assessing the effect of these changes.

The IDA added that throughout the process Union’s management and staff have been involved, cooperative and responsive to the compliance monitor’s recommendations.

Grant Thornton focused its efforts on helping Union revise and update its compliance manual. The new manual is now in place and all of the recommendations regarding the manual made by the compliance monitor were incorporated.

As well, the IDA noted that Union has addressed governance concerns. The size of Union’s board has been increased by the addition of three people from existing management. Also a new person has been hired to carry out an expanded role as chief administration officer.

IDA staff will continue with a heightened regime of sales compliance reviews and to assess any complaints received from Union clients. The IDA said it will also coordinate efforts with other regulators to ensure that the positive steps taken by Union remain in effect. IDA staff will work with Union to build upon the work that has been done in recent months.