Regulatory Alerts2020-03-05
Regulation to amend Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations
The regulator amends Regulation 31-103 to enhance protections for older and vulnerable clients by defining financial exploitation, mental capacity, and vulnerable clients. Registrants are required to obtain a trusted contact person to assist in verifying client mental capacity and detecting potential financial exploitation. The amendments also establish a framework for temporary holds on client accounts, mandating specific conditions, documentation, and notice requirements when such holds are placed.
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