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IDA 29.7 (Canada)

Who is required to comply?
All Canadian Investment companies and those who do business with said companies.

What is it?

The Investment Dealers Association of Canada, or commonly referred to as IDA 29.7 is a regulation that mandates that all client correspondence, largely through email, must be archived and retained.

What are the requirements?

All client correspondence, largely emails and IM, must be retained for a period of five years from the date of creation. All information must be available for audit and review by the Association at all times, so a speedy discovery process is a necessity to comply with the request. Proof is required to ensure the information has not been corrupted.

What is the cost of non-compliance?

Heavy fines and loss of corporate reputation.

What is the significance of IDA 29.7 compliance?

The IDA 29.7 act provides corporate accountability in the face of fraudulent activity and misinterpretation of electronic information.