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  • BC-2.8 BC-2.8 Reporting to Clients

    • BC-2.8.1

      Section BC-2.8 applies to all client categories.

    • Confirmation of Transactions

      • BC-2.8.2

        When an investment firm licensee executes a transaction in a financial instrument for a client, it must promptly despatch to the client, or a designated agent of the client, a written confirmation note recording the essential details of the transaction and essential information regarding the carrying out of his order.

      • BC-2.8.3

        For the purposes of Rule BC-2.8.2, the essential details of the transaction and essential information regarding the carrying out of the order include:

        (a) Execution price;
        (b) Charges; and
        (c) Time of execution.
        Amended: January 2007

      • BC-2.8.4

        For the purposes of Rule BC-2.8.2, investment firm licensees must include at the very least in their confirmation notes, the information included in Paragraph BC-2.12.7.

    • Periodic Statements

      • BC-2.8.5

        Investment firm licensees must promptly and at suitable intervals provide their clients with a written statement when they:

        (a) Undertake the activity of managing financial instruments; or
        (b) Operate a client's account containing financial instruments.
        Amended: January 2007

      • BC-2.8.6

        Investment firm licensees must provide a periodic statement:

        (a) Monthly, if the client is a retail client and the retail client's portfolio includes derivative transactions in highly volatile classes of financial instruments or leveraged transactions; or
        (b) At least semi-annually in other cases.
        Amended: July 2010
        Amended: January 2007

      • BC-2.8.7

        Periodic statements, issued in accordance with Rule BC-2.8.5, must contain, at the very least, the information contained in Paragraph BC-2.12.8, as at the end of the period covered.

      • BC-2.8.8

        Where an investment firm licensee undertakes the activity of managing financial instruments on a discretionary basis, the periodic statements, issued in accordance with Rule BC-2.8.5, must also include at the very least the information included in Paragraph BC-2.12.9.

      • BC-2.8.9

        In addition to Rules BC-2.8.7 and BC-2.8.8, where the retail client may not only lose his entire investment but may also be required to pay more later, investment firm licensees must also include the additional information included in Paragraph BC-2.12.10.

    • Records

      • BC-2.8.10

        Investment firm licensees must immediately record the essential elements of all orders that are received.

      • BC-2.8.11

        For the purposes of Rule BC-2.8.10, essential elements of orders received include the particulars of the client and order, time, price of execution, and number of instruments.

      • BC-2.8.12

        Investment firm 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 investment firm licensee; and
        (d) Orders that have been aggregated with their basis of allocation.
        Amended: January 2007

      • BC-2.8.13

        For purposes of Rule BC-2.8.12, investment firm licensees should include, at the very least, the information provided in Paragraph BC-2.12.9.

      • BC-2.8.14

        Investment firm licensees must make a copy of any confirmation of a transaction or periodic statement provided to a client, and retain it for at least ten years from the date on which it was provided.

        Amended: April 2008