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  • Information and Communication

    • BC-8.7.2

      Conventional bank licensees must seek information from their retail customers (and potential retail customers about their needs, circumstances and investment objectives (including their risk appetite), relevant to the services to be provided.

      Added: April 2008

    • BC-8.7.3

      For the purposes of Rule BC-8.7.2, the conventional bank licensee, when providing the regulated investment services, should ask the customer or potential customer to provide information regarding his knowledge and experience in the investment field relevant to the specific type of financial instrument or service offered or demanded so as to enable the licensee to assess whether the financial instrument or service is appropriate to the customer. The evaluation of the customer's needs, circumstances and investment objectives (including risk appetite) can be done through a structured questionnaire.

      Amended: January 2011
      Added: April 2008

    • BC-8.7.4

      For the purposes of satisfying the requirement under Rule BC-8.7.2, conventional bank licensees must ensure that the information and facts they hold about their customers are accurate, complete and up to date.

      Added: April 2008

    • BC-8.7.5

      Where a conventional bank licensee is managing financial instruments for a customer, it must periodically assess whether the customer’s portfolio or account remains suitable over the lifetime of the customer relationship and advise the customer if it is no longer suitable.

      Added: April 2008

    • BC-8.7.6

      Where a conventional bank licensee has pooled a customer’s assets with those of others, with a view to taking common discretionary management decisions, the conventional bank licensee must take reasonable steps to ensure that the transaction is suitable for the related customers having regard to their stated investment objectives.

      Added: April 2008