A registrant’s suitability determination must be made:

Answer

Before each trade, against current KYC

Options - A. Before each trade, against current KYC - B. Once, when the account is opened - C. Only when the client complains about a loss - D. By the client, in signing the order form Why - A. Correct — NI 31-103 s. 13.3 requires it before opening an account, trading, recommending or exercising discretion, and the action must put the client’s interest first. - B. Account opening is one trigger among several. Every later trade and recommendation needs its own determination. - C. A complaint is a symptom of a breach that already happened; the duty operates before the action, not after. - D. The duty is the registrant’s. A client’s signature authorises the trade; it does not make it suitable.

NI 31-103 unofficial consolidation (13 Sept 2023) ss. 13.2 (KYC), 13.3 (suitability — client’s interest first), 13.4 (conflicts — best interest of the client) (osc.ca PDF); OSC SRO pages — observed 2026-09-17; Bigel, Introduction to Financial Analysis (CC BY 4.0) §14.14 — ethics shape only