Back Custom print Link Text Only Rich Text Print

  • BC-8.10 BC-8.10 Reporting to Customers

    • BC-8.10.1

      Section BC-8.10 applies to all customer categories.

      Added: April 2008

    • Confirmation of Transactions

      • BC-8.10.2

        When a conventional bank licensee executes a transaction in a financial instrument for a customer on a specific order, it must establish procedures to keep the customer informed of the essential details of the transaction and essential information regarding the carrying out of his order.

        Added: April 2008

      • BC-8.10.3

        For the purposes of Rule BC-8.10.2, the essential details of the transaction and essential information regarding the carrying out of the order include:

        (a) Execution price;
        (b) Charges; and
        (c) Date of execution.

        Added: April 2008

      • BC-8.10.4

        For the purposes of Rule BC-8.10.2, conventional bank licensees must include at the very least in their confirmation notes, the information included in Paragraph BC-8.13.7.

        Added: April 2008

    • Periodic Statements

      • BC-8.10.5

        Conventional bank licensees must promptly and at suitable intervals provide their customers with a written statement when they:

        (a) Undertake the activity of managing financial instruments; or
        (b) Operate a customer's account containing financial instruments.
        Added: April 2008

      • BC-8.10.6

        Conventional bank licensees must provide a periodic statement:

        (a) Monthly, if the customer is a retail customer and the retail customer's portfolio includes derivative transactions in highly volatile classes of financial instruments or leveraged transactions; or
        (b) At least every six months in other cases.
        Amended: July 2012
        Added: April 2008

      • BC-8.10.7

        Periodic statements, issued in accordance with Rule BC-8.10.6, must contain, at the very least, the information contained in Paragraph BC-8.13.8, as at the end of the period covered.

        Amended: January 2011
        Added: April 2008

      • BC-8.10.8

        Where a conventional bank licensee undertakes the activity of managing financial instruments on a discretionary basis, the periodic statements, issued in accordance with Rule BC-8.10.6, must also include at the very least the information included in Paragraph BC-8.13.9.

        Amended: January 2011
        Added: April 2008

      • BC-8.10.9

        In addition to Rules BC-8.10.7 and BC-8.10.8, where the retail customer may not only lose his entire investment but may also be required to pay more later, conventional bank licensees must also include the additional information included in Paragraph BC-8.13.10.

        Added: April 2008

    • Records

      • BC-8.10.10

        Conventional bank licensees must immediately record the essential elements of all orders that are received.

        Added: April 2008

      • BC-8.10.11

        For the purposes of Rule BC-8.10.10, essential elements of orders received include the particulars of the customer and order, time, price of execution, and number of instruments.

        Added: April 2008

      • BC-8.10.12

        Conventional bank licensees must record the essential elements of all:

        (a) Orders executed;
        (b) Transactions executed for their own account;
        (c) Non-market price transactions entered into by the conventional bank licensee; and
        (d) Orders that have been aggregated with their basis of allocation.

        Added: April 2008

      • BC-8.10.13

        For purposes of Rule BC-8.10.12, conventional bank licensees should include, at the very least, the information provided in Paragraph BC-8.13.9.

        Added: April 2008

      • BC-8.10.14

        Conventional bank licensees must make a copy of any confirmation of a transaction or periodic statement provided to a customer, and retain it for at least five years from the date on which it was provided.

        Added: April 2008