Regulatory Alerts2021-01-05
Directive on Adoption and Implementation of Minimum Standardized Know Your Client Forms for All Capital Market Operators
The Securities and Exchange Commission mandates all capital market operators to adopt minimum standardized Know Your Client forms for new clients effective January 1, 2021. Operators must update existing client records by December 31, 2021 and finalize integrated KYC policies covering customer acceptance, identification procedures, transaction monitoring, and risk management by June 2021. Failure to comply triggers enforcement actions under Section 209(4) of the Securities Industry Act, ensuring consistent investor protection across the securities market.
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