Chapter 9 - Record-keeping Requirements Flashcards
What are the Record Keeping Requirements regarding Supervisors?
o the names of all Supervisors,
o the scope of their responsibilities, and
o the dates responsibility & authority was in effect
What are the Record Keeping Requirements for: Sales-realated literature
2 years from the date of creation
Correspondence (emails) be retained 5 years
What are the Record Keeping Requirements for: Supervision Documents
1 year onsite - 7 years total.
Material Changes to Registration Info submitted via COMSET must be kept for how long?
2 years from the resolution of the matter.
When must a Registrant Report to their firm - changes to NRD info, subject to a client complaint, - and when must the firm report to IIROC?
Registrant has 2 business days to report to firm and the firm has 5 business days to report to IIROC.
What are the UMIR requirements for Order Retention?
7 years orders must be retained and first 2 years readily accessible.
Where a UMIR Violation has been identified and an investigation opened - when must the findings be reported to IIROC?
no later than the 15th day of the month, following the month in which the findings are made.
A dealer has how many days to produce documents to FINTRAC when requested?
30 days - records must be kept in a way that they can always be produced to FINTRAC within this time.
What are FINTRACs requirements for record keeping of account opening documents, agreements, signature cards?
5 years from either day of the last transaction or the day of closing an account.
Within how many days must a Firm submit a Suspicious Transaction report to FINTRAC?
30 days to submit a STR in electronic or paper form once the suspicion of reasonable grounds has been determined.
When and who must be contacted when it is discovered that Terrorist Property Holdings have been identified?
Immediately, without delay, FINTRAC, RCMP, CSIS and IIROC must be informed.
If a client request from a dealer information relating to them personally - how many days does the dealer have to comply:
30 days from the request to provide the information to the client.
What is the range of $$ fines for Privacy Violations?
from $10,000 for a summary conviction, up to
$100,000 for an indictable offence.
