(May 30 – 17:10 ET) – The Investment Dealers Association is reminding its members that they will soon face federally-mandated privacy rules.
The IDA notes that on March 30 the Personal Information Protection and Electronic Documents Act received Royal Assent and is due to take effect January 1, 2001. The Act will apply to all businesses and will apply to personal information collected in any form, and replaces the existing voluntary industry codes. “The Act governs all aspects of each Member?s information gathering process with serious ramifications and possible embarrassment for non-compliance,” warns the IDA.
The IDA says the Act is very broad and may mean that firms will have to include consents at the front end of various relationships, that they may also have to get consents for the use of existing information, not only for the future collection, use and disclosure of information. “Members are encouraged to review the Act and start making preparations to change their information gathering process to comply with the new rules under the Act.”
The Act will come into force in stages and is designed to bring Canadian privacy rules inline with those in the rest of the world.
The Personal Information Protection and Electronic Documents Act can be found at www.fg.gov.on.ca.
-James Langton