3804. General requirements to maintain records

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    1. A Dealer Member must maintain current records that:

      1. properly record its business activities, financial position, financial operating results and client transactions, and

      2. demonstrate the Dealer Member’s compliance with securities  laws and IIROC requirements.

    2. The records required under subsection 3804(1) include, but are not limited to, records that do the following: 

      1. permit timely creation and audit of financial statements and other financial information required to be filed or delivered to IIROC or the applicable securities regulatory authority

      2. permit determination of the Dealer Member’s capital position,

      3. demonstrate compliance with the Dealer Member’s capital and insurance requirements, 

      4. demonstrate compliance with internal control procedures,

      5. demonstrate compliance with the Dealer Member’s policies and procedures,

      6. permit the identification and segregation of client cash, securities, and other property,

      7. identify all transactions conducted on behalf of the Dealer Member and each of its clients, including the parties to the transaction and the terms of the purchase or sale,

      8. provide an audit trail for: 

        1. client instructions and orders, and 

        2. each trade transmitted or executed for a client or by the Dealer Member on its own behalf, 

      9. permit the generation of account activity reports for clients, 

      10. provide securities pricing as may be required by securities laws

      11. document the opening of client accounts, including any agreements with clients, 

      12. demonstrate compliance with know-your-client and suitability requirements, 

      13. demonstrate compliance with complaint handling requirements, 

      14. document correspondence with clients, and

      15. document compliance and supervision actions taken by the Dealer Member.

    3. A Dealer Member must maintain appropriate internal controls to provide reasonable assurance that its records:

      1. are correct,

      2. provide clear and accurate information, and

      3. remain current.

    4. A Dealer Member must make its records available to IIROC on request, in the manner requested by IIROC.

    5. A Dealer Member must provide IIROC with statistical or other information with respect to the Dealer Member’s business that IIROC may request from time to time, acting reasonably.  Such information must be provided as soon as practicable following IIROC’s request.

    There is no history log for this rule.

    There is no history log for this rule.