IIIROC’s suitability requirements for text and voice calls

Regulatory bodies are now considering new suitability requirements for text and voice calls. These changes are intended to align industry interests with clients better, improve their understanding of industry terms, and clarify the industry’s compliance requirements.

IIROC also requires members to maintain records of client transactions and business activities. The IIROC’s guidance notes that these records may be relevant to the business’s obligations, including financial compliance.

Pre-approval for performance reports and summaries

IIROC rules stipulate conditions and scenarios that require performance reports to be provided to clients. They also specify when performance reporting must begin and when it may end. The IIROC Rules are principle-based and should accommodate the nuances of the investment industry. These rules are designed to promote transparency and accountability. In addition to ensuring a high level of investor protection, they should also enable financial institutions to track client holdings better.

Message archiving solutions

Applications like Wechat need to comply with these rules. WeChat is a popular Chinese instant messaging application with more than one billion users. Many financial firms use WeChat to monitor or communicate with their clients and potential customers. The regulated firms must ensure that all communications through WeChat are recorded and logged. Wechat archiving iiroc text and voice calls allow Canadian financial institutions to comply with their regulatory obligations. IIROC is a watchdog of securities firms and has the power to issue fines and suspensions if they do not meet their standards. Thus, software like LeapXpert will help you with an archiving solution that provides the tools and technology that organizations need to maintain regulatory compliance.

To have more information about LeapXpert, visit www.leap.expert/ or contact the developers here.

Paul Watson