3970. Supervision for discretionary accounts

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    1. In addition to IIROC requirements relating to account supervision, the designated Supervisor responsible for discretionary accounts must also review the financial performance of each discretionary account at least monthly.

    2. As part of the review in subsection 3970(1), the designated Supervisor must also review discretionary accounts to determine if the Registered Representative, authorized to affect trades for the discretionary account should continue to do so, based on the designated Supervisor’s assessment of the discretionary account’s financial performance. 

    3. The designated Supervisor responsible for discretionary accounts must not delegate the performance of the reviews required in subsections 3970(1) and 3970(2) to any other person.

    4. A designated Supervisor must review any discretionary order initiated in a discretionary account by a Registered Representative prior to the order being entered unless:

      1. the Registered Representative has been approved as a Portfolio Manager, or

      2. the Registered Representative is also an Executive, and

      3. the designated Supervisor reviews the order no later than one business day after the trade was made.

    5. A designated Supervisor must review any discretionary order initiated for a discretionary account by an Executive who is approved as a Portfolio Manager, no later than the day after the trade was made.

    There is no history log for this rule.

    There is no history log for this rule.