Regulatory Alerts2021-07-15
Amendments to Policy Statement to Regulation 31-103 Enhancing Protection of Older and Vulnerable Clients
The Canadian Securities Administrators issued amendments to Policy Statement 31-103 to provide registrants with guidance on protecting older and vulnerable clients from financial exploitation and mental capacity concerns. The document defines key terms such as vulnerable client and trusted contact person, while outlining specific warning signs of financial exploitation and diminished mental capacity. It establishes requirements for obtaining trusted contact information and details the conditions, procedures, and documentation necessary for registrants to place temporary holds on client accounts when exploitation or incapacity is suspected.
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