3215. Updating client accounts

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    1. The Dealer Member’s policies and procedures must specifically address that any significant changes to client information are approved in the same manner that an account application is approved for a new account.
    2. If a client’s Registered Representative, Portfolio Manager or Associate Portfolio Manager changes, the Dealer Member’s procedures must require that:
      1. the new Registered Representative, Portfolio Manager or Associate Portfolio Manager verify the client information in the account application with the client as soon as practicable to ensure the information is correct, and
      2. the new Registered Representative, Portfolio Manager or Associate Portfolio Manager and the designated Supervisor acknowledge, in writing, that the account application was reviewed and, if necessary, updated. 
    3. Subject to subsection 3215(4), if the client’s account application was approved within the past 36 months, the Dealer Member may use a copy of a client’s current account application to record any changes to a client’s information, but must have the Registered Representative, Portfolio Manager or Associate Portfolio Manager and their Supervisor initial any changes.
    4. If the client’s managed account or discretionary account application was approved within the past 12 months, the Dealer Member may use a copy of a client’s current managed account or discretionary account application to record any changes to a client’s information, but must have the Portfolio Manager or Associate Portfolio Manager and their Supervisor initial any changes.
    5. The Dealer Member must restrict the access of Registered Representatives, Portfolio Managers and Associate Portfolio Managers and other persons to its systems in such a manner so as to ensure that material client information cannot be changed without the required approval.

    There is no history log for this rule.

    There is no history log for this rule.