Joint account disclosure options

Question

In the CDR Rules, is supporting the co-approval disclosure option optional?

Answer

Yes, supporting the co-approval disclosure option is optional. See CDR Rules, main section, part 4A Joint Accounts, Division 4A.2 Disclosure Options, rule 4A.5.

Rule 4A.5(2) states that Data Holders (DHs) MUST provide for the pre-approval and non-disclosure options, while 4A.5(3), which states that DHs MAY provide for the co-approval option.

The simplified outline provided at rule 4A.4 similarly states that 'Data holders must offer the pre-approval and non-disclosure option on joint accounts, and may offer the co-approval option.'

See:

• CDR Rules, main section, part 4A Joint Accounts, Division 4A.2 Disclosure Options, rule 4A.5