Final answer:
Updates to the NRD database should occur during annual updates, when there is a change in personal information, changes in investment strategy, or upon client request. These updates ensure compliance with industry regulations and maintain the integrity of the database's information.
Step-by-step explanation:
When considering when to update the NRD database, the most appropriate times are:
- Annual updates
- Changes in personal information
- Changes in investment strategy
- Upon client request
For registered individuals in the securities industry in Canada, the National Registration Database (NRD) requires timely updates to ensure compliance with regulations. When a registrant experiences changes to their personal information, such as a home address or a legal name change, updates must be made to the NRD. Similarly, updates are necessary when there are changes made to the investment strategies associated with their practice. Additionally, it's also required to do annual updates to maintain the accuracy of the information. Lastly, if a client requests a change or correction that affects their records in the NRD, it is essential to update the database promptly.