Chapter 10 - Client Compliants Flashcards

1
Q

What must be provided to the client at the time of account opening (re: complaints)

A
  1. Written summary of the firm’s compliant handling procedures
  2. A copy of an approved compliant handling process brochure.
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2
Q

Within how many days must an Acknowledgement letter be sent to the client?

A

5 Business Days of receipt of the complaint.

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3
Q

How long must complaint files be retained?

A

7 years

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4
Q

What Powers does the Arbitrator have?

A

Decides how the dispute should be resolved and what remedy should be imposed (if any).

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5
Q

In Arbitration: can either or both parties be represented by Counsel?

A

Yes.

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6
Q

In Arbitration: are enforcement and compensation proceedings separate or together?

A

They are Separate. A decision in one proceeding does not affect the other.

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7
Q

When must a Dealer submit to arbitration at the client’s option?

A

When the claim does not exceed $500,000.

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8
Q

Under what circumstances can information from an Arbitration hearing be made public or external?

A

Information can only be obtained by subpoena issued by a court or by a regulator with an investigative order.

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9
Q

What is the maximum $$ value for a claim going to OBSI?

A

$350,000

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10
Q

For Court Proceedings where not under the Securities Act, what are the general time limitations on a claim?

A

Generally 2 years from the date of discovery and no more than 15 years after the act or omission.

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11
Q

By copying counsel, does a document attract Privilege?

A

No - a document must be addressed to counsel seeking advice and counsel must be actively providing advice. ACTS & FACTS within the document are not privileged, only the communication

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12
Q

Explain Litigation Privilege

A

Applies to documents or communications between counsel and 3rd parties - 1) Litigation must be under way or expected and 2) document or comm was made for use in litigation.

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13
Q

Does litigation privilege only apply to Client-Lawyer documents?

A

No - Once litigation is contemplated, all communications by counsel for use in that litigation are protected

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14
Q

Why do we mark Offer letters in a dispute “Without Prejudice”

A

Any disclosure made Without Prejudice, during dispute discussions, cannot be used against them in proceedings if attempts to settle fail. WP allows for constructive settlement discussions

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