(December 13 – 09:45 ET) – The Electronic Commerce sub-committee of the Investment Funds Institute of Canada has developed a voluntary privacy code for IFIC members in dealing with their clients. The initiative is aimed at protecting the use of personal client information.
The code applies to the collection, use and disclosure of personal information received by IFIC members when conducting their business either conventionally or electronically, when dealing with clients and potential clients.
The code is similar to Bill C-6 passed by the federal government earlier this year, and is based on the Canadian Standards Association’s model privacy code. The code describes how IFIC members who choose to adopt it should apply its principles.
“IFIC’s privacy code will serves an important role in protecting the privacy of personal information collected, used and disclosed by IFIC members,” says Tom Hockin, IFIC president and CEO.
Each IFIC member that adopt’s the privacy code will be required to certify on an annual basis that they are in compliance with the code. IFIC has also created a “seal of approval” logo which will be available to those who adopt the code to demonstrate their respect for privacy issues.
According to IFIC, the privacy code:
- provides principles for the management of personal information;
- specifies the minimum requirements for the protection of personal information held by IFIC members;
- makes investors aware of how personal information is protected by IFIC members; and
- provides standards by which the international community can measure the protection of personal information by IFIC members.
-IE Staff