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Non-Tech : Action Direct - Royal Bank Brokerage
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To: Flipper12 who wrote (131)12/7/2000 4:39:15 PM
From: Greg from Edmonton  Read Replies (1) of 175
 
Relief from "Suitability obligations"
(eliminaton of KYC Rule):

actiondirect.com

Get Closer to the Action with "Direct Access"

To keep up with the ever- changing needs of investors, the Canadian Securities Association (CSA) announced on April 10th that relief from "Suitability obligations" would be granted to dealers upon application.

Action Direct is pleased to announce we have have applied for approval to offer clients the option to waive suitability obligation on their order entry.

This means that Action Direct will no longer have to manually review client's trading instructions to ensure that they comply with their investment objectives provided to us at the time of account opening.

Indeed, many of today's investors are empowered through seminars and various research tools to manage their money effectively. These investors are looking for fast execution of their orders and having to manually review each order slows down the process.

This relief is not carte blanche! Although our clients have already been informed through our Operation of Account Agreement that Action Direct does not give advice as to investing in, purchasing or selling securities, the CSA requires that we first obtain their approval prior to waiving suitability obligations on their order entry.

Upon regulatory approval, Action Direct NetAction clients will be asked to acknowledge the below statements when they sign in to NetAction. This acknowledgement is their consent to be exempt from the obligations of suitability and allow their orders to have "Direct Access" to the markets.
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