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  • BC-2.8 BC-2.8 Responsibility

    • BC-2.8.1

      Brokers shall be responsible for ensuring that:

      (a) Their principals understand fully the limitations of the brokers' responsibilities for business and market conducted;
      (b) All their principals understand that they are required to conform, where appropriate, to the Code of Conduct;
      (c) Their staff carrying out transactions on behalf of principals are adequately trained both in the practices of the market-place and in the firm's responsibilities to principals; and
      (d) The CBB is notified of any changes in broking staff, in accordance with CBB requirements.
      October 07

    • BC-2.8.2

      Bankers shall be responsible for ensuring that:

      (a) Their dealing staff are adequately trained and supervised in the practices of the market (the requirement of this Code of Conduct should be fully understood by all staff involved in foreign exchange and currency deposit operations);
      (b) [This Subparagraph was deleted in April 2022];
      (c) Their staff understand that the ultimate responsibility for assessing the creditworthiness of a borrower or lender lies with the bank and not the broker;
      (d) Brokerage is normally payable at the end of the month in which the money passes, or otherwise by special arrangement; and
      (e) There is no pressure on brokers to reduce charges below the approved minimum rates.
      Amended: April 2022
      October 07