- 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:
- the client is a vulnerable client,
- financial exploitation of the client has occurred, is occurring, has been attempted or will be attempted.
- 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.
- 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:
- document the facts and reasons that caused the Dealer Member or Approved Person to place, and if applicable, to continue the temporary hold,
- 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,
- 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,
- 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:
- revoke the temporary hold,
- 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.