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 material 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 period of 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 frame,
      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 material changes to client information, which may include the receipt of a signed client acknowledgement of the updated 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.