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  • Initial Disclosure Requirement

    • BC-8.8.2

      A conventional bank licensee must provide (with respect to regulated banking services), comprehensible information to customers or potential customers on:

      a) Itself and the types of services that it can provide;
      b) Whether it is acting as agent or principal;
      c) Fees, costs and associated charges payable by the customer such as:
      i. The basis or amount of its charges, remuneration and commission for conducting regulated financial services and
      ii. The nature or amount of any other income receivable by it or, to its knowledge, by its associate and attributable to that regulated banking service;
      d) Financial instruments and proposed strategies and appropriate guidance on and warnings of the risks associated with those financial instruments and strategies; and
      e) Information about methods of redress.

      Added: April 2008

    • BC-8.8.3

      The purpose of Paragraph BC-8.8.2 is to ensure that customers are reasonably able to understand the nature and risks of the investment service and type of financial instrument that is being offered and, consequently, to take investment decisions on an informed basis. This information may be provided in standard format.

      Amended: January 2011
      Added: April 2008