- A Dealer Member’s policies and procedures must specifically address:
- collecting and maintaining accurate, complete and up‑to‑date information about each client and updating that information where there are material changes, and
- ensuring the completion of client account records when opening new accounts.
- A Dealer Member must:
- have policies and procedures to specifically address that documents supporting client account records are received within a reasonable period of time after opening an account,
- have a system for recording pending account documentation and following up where it is not received within a reasonable time frame,
- take specific action to obtain required documents that have not been received within 25 business days of opening the account, unless a shorter period is prescribed,
- have policies and procedures independent of the Registered Representative, Portfolio Manager or Associate Portfolio Manager for verifying material changes to client information, which may include the receipt of a signed client acknowledgement of the updated information, and
- have a system in place to record the review and approval by the designated Supervisor.
There is no history log for this rule.
There is no history log for this rule.