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Non-Tech : TD Waterhouse Group (TWE) -- Ignore unavailable to you. Want to Upgrade?

To: eWhartHog who wrote (1063)	1/30/2000 8:54:00 PM
From: Ian@SI	Respond to of 1413

John, My understanding is there is no law, regulation or guideline from federal, provincial or legally mandated regulators such as the OSC in Ontario which requires the discount brokers to go through the current process. I've been told by a Waterhouse employee that the current process is a requirement of the IDA (the self regulatory organization for investment dealers). I don't know whether that is true or the whole story. Hopefully, after February 18th a more streamlined process will be used by the discount brokers. That's the part that would benefit Canadian customers. I don't believe that US originated transactions are subjected to the same scrutiny. Nor do I know what the rationale is, in fact. Only the statement that it is related to the "know your customer" rule. As the broker is liable for all trades it submits, it's conceivable that there's some precedent where the client got off, and the broker paid for an "unsuitable" transaction. but that's just a WAG based upon no actual knowledge of any such incident. FWIW, Ian.