3222. Conditions for temporary holds

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    1. A Dealer Member or an Approved Person must not place a temporary hold on the basis of financial exploitation of a vulnerable client, unless the Dealer Member reasonably believes all of the following:
      1. the client is a vulnerable client,
      2. financial exploitation of the client has occurred, is occurring, has been attempted or will be attempted.
    2. A Dealer Member or an Approved Person must not place a temporary hold on the basis of a client’s lack of mental capacity unless the Dealer Member reasonably believes that the client does not have the mental capacity to make decisions involving financial matters.
    3. If a Dealer Member or an Approved Person places a temporary hold referred to in subsection 3222(1) or subsection 3222(2), the Dealer Member must do all of the following:
      1. document the facts and reasons that caused the Dealer Member or Approved Person to place, and if applicable, to continue the temporary hold,
      2. provide notice of the temporary hold and the reasons for the temporary hold to the client as soon as possible after placing the temporary hold,
      3. review the relevant facts as soon as possible after placing the temporary hold, and on a reasonably frequent basis, to determine if continuing the hold is appropriate,
      4. within 30 days of placing the temporary hold and, until the hold is revoked, within every subsequent 30-day period, do either of the following:
        1. revoke the temporary hold,
        2. provide the client with notice of the Dealer Member’s decision to continue the hold and the reasons for that decision.

    3223. – 3229.  Reserved.

    There is no history log for this rule.

    There is no history log for this rule.