How should SOAs be submitted to comply with regulations?

Submitting Statements of Advice (SOAs) via fax or email within two business days is the correct approach to ensure compliance with regulations. This method is conducive to maintaining timely records and ensures that clients receive information swiftly, which is essential for effective financial advice. Quick submission is important as it helps in providing a clear audit trail and allows for prompt action on the advice given, ensuring both transparency and accountability in financial transactions.

Using fax or email helps facilitate efficient communication, as these methods are typically faster than traditional mail and allow for immediate confirmation of receipt. Furthermore, adherence to a two-business-day timeframe is aligned with regulatory standards that emphasize responsiveness in advisory services. This contrasts with alternatives like hand delivery, which may not be practical for all clients, and phone calls, which do not provide a documented record. Regular mail, while reliable, does not meet the urgency required to comply with the expectation of timeliness set forth by regulatory bodies.