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Toronto-based InvestorCOM Inc. has launched a subscription service designed to help investment dealers meet new know-your-product (KYP) requirements.

ShelfMonitor sends alerts to subscribers when it detects changes to investment products. The service monitors more than 100 data points, including sales and fee information, management information, product suitability information and monthly performance.

In a release, InvestorCOM said ShelfMonitor will help dealers adhere to new KYP requirements outlined in the Canadian Securities Administrator’s revised client-focused reforms (CFRs). Among other things, the CFRs will require firms to “take reasonable steps” to ensure the securities they make available to clients are suitable.

“ShelfMonitor is the first step in our CFR roadmap to help investment dealers prepare for and meet the regulatory requirement to know the structure, features, risk, initial and ongoing costs of the investment products on their shelf,” David Reeve, CEO of InvestorCOM, said in the release.

ShelfMonitor will also help dealers be ready for regulatory audits and keep their back-office systems current, the release said.