--00000000000031b27f06015325e6 Content-Type: text/plain; charset="UTF-8" Content-Transfer-Encoding: quoted-printable Yes; that makes sense to me. Please work with them accordingly. On Tue, Jul 25, 2023 at 10:25=E2=80=AFAM Sean Cygan wro= te: > Hi Steve and Tim, > > Yesterday, when reviewing the application (Security - Irrevocable Letter > of Credit) I was asked to reach Frank Stigter regarding the letter. > > When reviewing the instructions, I think this should be completed by > finance and not by our insurance broker. I have also attached the > template letter. > > Your thoughts? > > Sean > > > > Letter of credit requirements > > To be acceptable, the letter of credit must: > > - be made in favour of the Director of Employment Standards, > - be issued by a bank in Canada or credit union > - be electronic > - be in the amount of $25,000 > - be irrevocable so it cannot be recalled or repealed > - automatically renew when it expires > - permit =E2=80=9Cpartial drawings=E2=80=9D without any conditions, me= aning that the > Director of Employment Standards can, for reasons set out in the regul= ation > and in accordance with the prescribed processes, demand and receive a > payment less than the entire amount specified in the letter of credit > - have no other conditions > > We recommend you use our template for irrevocable letters of credit > to ensure your letter > of credit meets all requirements. > > On Thu, Jul 13, 2023 at 9:23=E2=80=AFAM Sean Cygan wr= ote: > >> Thank you >> >> On Thu, Jul 13, 2023 at 9:17=E2=80=AFAM Steve Koyanagi >> wrote: >> >>> Sure; let's schedule a time next week. Thanks. >>> >>> On Thu, Jul 13, 2023 at 8:59=E2=80=AFAM Sean Cygan = wrote: >>> >>>> Hi Steve, >>>> >>>> Tim and I are working on a licensing for temporary help agencies and >>>> recruiters application and it has some legal questions that we don't k= now >>>> the answers to. >>>> >>>> I have attached the questions and was wondering if we can set up a tim= e >>>> to meet? >>>> >>>> Sean >>>> >>>> -- >>>> Sean Cygan >>>> Compliance Associate >>>> >>>> 858-287-3077 >>>> 7777 Fay Avenue Ste. 210 >>>> La Jolla, CA 92037 >>>> TheKey.com >>>> [image: TheKey] >>>> >>> --00000000000031b27f06015325e6 Content-Type: text/html; charset="UTF-8" Content-Transfer-Encoding: quoted-printable Yes; that makes sense to me. Please work with them accordi= ngly. On Tue, Jul 25, 2023 at 10:25=E2=80=AFAM Sean Cygan < scygan@thekey.com > wrote: Hi Steve and Tim, Yesterday, when reviewing the application=C2=A0(Security= - Irrevocable=C2=A0Letter of Credit)=C2=A0 I was asked to reach Frank Stig= ter regarding=C2=A0the letter.=C2=A0 When reviewin= g the instructions, I think this should be completed by finance and not by = our insurance broker.=C2=A0 =C2=A0I have also attached the template letter.= Your thoughts? Sean=C2= =A0 Letter of credit requirements To be acceptable, the = letter of credit must: be made in favour of the Director of Employment Standards, be issued by a bank in Cana