In response to the required frequency of account statement delivery under NI 31-103 Registration Requirements and Exemptions, the Mutual Fund Dealers Association of Canada (MFDA) has released guidance to assist its members in assessing the issues respecting sending account statements by electronic means. The bulletin cites privacy issues for specific attention and recommends that members and/or members' back-office service providers meet with MFDA staff before sending documents electronically. According to the MFDA, the following issues will be considered in assessing member compliance with regulatory requirements:
- the confidentiality, security and integrity of client
information sent electronically;
- the procedures to obtain consent to receive documents
electronically and the form of consent;
- record retention and audit trails; and
- the form and content of the electronic document and the length of time for which the document will be made available to clients.
For more information, see MFDA Bulletin #0474-P.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.