3213. Account opening policies and procedures

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    1. A Dealer Member’s policies and procedures must specifically address:  
      1. collecting and maintaining accurate, complete and up‑to‑date information about each client and updating that information where there are significant changes, and
      2. ensuring the completion of client account records when opening new accounts. 
    2. A Dealer Member must:
      1. have policies and procedures to specifically address that documents supporting client account records are received within a reasonable time after opening an account, 
      2. have a system for recording pending account documentation and following up where it is not received within a reasonable time,
      3. 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,
      4. have policies and procedures independent of the Registered Representative, Portfolio Manager or Associate Portfolio Manager for verifying significant changes to client information, and
      5. 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.