Regulatory Alerts2021-12-23
Regulation to amend Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations
The Autorité des marchés financiers, approved by the Minister of Finance, amended Regulation 31-103 to enhance protections for older and vulnerable clients by defining financial exploitation, vulnerable clients, and temporary holds. Registrants are now required to obtain a trusted contact person's details and may place temporary holds on accounts suspected of financial exploitation or lacking mental capacity under specific conditions. The regulation mandates disclosure of these new procedures in client agreements and came into force on December 31, 2021.
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