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  • Systems and Controls

    • CL-4.1.2

      An investment firm licensee that holds mandates of the sort described in CL-4.1.1 must establish and maintain adequate records and internal controls in respect of its use of the mandates, which should include:

      (a) An up-to-date list of the mandates and any conditions placed by the client or the investment firm licensee's management on their use;
      (b) A record of all transactions entered into using the mandates, and internal controls to ensure that they are within the scope of authority of the person and the investment firm licensee entering into the transaction;
      (c) The details of the procedures for the giving and receiving of instructions under the authority; and
      (d) Where the investment firm licensee holds a passbook or similar documents belonging to the client, internal controls, for the safeguarding (including against loss, unauthorized destruction, theft, fraud or misuse) of any passbook or similar document belonging to the client held by the investment firm licensee.
      Amended: January 2007