IIROC – Financial Reporting Requirements
Read more about
IIROC Rule 29.7 Retention Guidelines
and Mutual Fund Dealers (MFDA Rule 5)
“The type of device used to transmit the communication or whether it is a company-issued or personal device is irrelevant.”
Read more about
IIROC Fines for non-compliance with record-keeping requirements
Archiving requirements include “…all forms of communication” and penalties can include fines, suspension and expulsion”
Read the relevant statues:
Investment Industry Regulatory Organization of Canada Reg. Notice 11-0349
and Notice 31-103 and UMIR Rules 10.11 and Policy 7.01
“Firms must retain, supervise and retrieve all business related communication made on [communication] devices.” and “implement a compliance monitoring system.”
Read of the latest on Changing Canadian Recordkeeping and Archiving Regulations here
Governmental Requirements
Access to Information Act
Canadian citizens have the right to apply for and obtain copies of records held by government institutions….The institution must reply in 30 days.
The Personal Information Protection and Electronic Documents Act (PIPEDA) includes the provision that “The security safeguards shall protect personal information against loss or theft, as well as unauthorized access, disclosure, copying, use, or modification.”
Health Care Requirements
Personal Health Information Protection Act (PHIPA)
The province of Ontario, Canada implemented the Personal Health Information Protection Act (PHIPA) as one of two parts of the Health Information Protection Act in 2004. PHIPA requires any entity that possesses or maintains healthcare-related information to manage this content securely and to ensure that healthcare records are “retained, transferred and disposed of in a secure manner” (2004, c. 3, Sched. A, s. 13 (1). Amendments to PHIPA added specific requirements with regard to the management of electronic health records 2016, Sched. 1, s. 1 (13)). The Personal Information Protect Act (PIPA) – which applies to organizations in Alberta, British Columbia, Ontario and Quebec – includes similar types of provisions.”
