Regulatory Alerts2021-07-15
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 introducing new definitions for financial exploitation, temporary holds, and vulnerable clients. Registrants are now required to obtain a trusted contact person and written consent to inquire about potential exploitation or mental capacity issues during the client onboarding process. The amendment also establishes strict conditions and procedural obligations for placing temporary holds on accounts suspected of financial exploitation or lacking mental capacity, including documentation, client notification, and periodic reviews.
Share