MFDA publishes client information sheet

Keywords Know your clientCompanies Mutual Fund Dealers Association Sales practices, suitability remain concerns for OSC Related news Firms are not required to provide the new document to clients, the MFDA says that it is to be used at dealers’ discretion; and that it was developed in response to firms seeking assistance in explaining to clients why they need to collect personal, financial information. Facebook LinkedIn Twitter The Mutual Fund Dealers Association of Canada (MFDA) has published a new brochure for dealers to provide to clients when they open an account, setting out the need to collect know-your-client (KYC) information. The information sheet describes the role of the MFDA and the MFDA Investor Protection Corp., and explains the need to collect personal information in order to ensure compliance with MFDA rules, such as suitability and KYC requirements; securities legislation; and other requirements, such as tax laws and anti-money laundering legislation. Investor sues advisor for not taking enough risk MFDA flags KYC issues, concentration risks among reps Share this article and your comments with peers on social media James Langton read more