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BC-8.9.19

Before conducting a transaction with or for a retail customer, conventional bank licensees must notify the customer of:

(a) The circumstances in which the customer may be required to provide any margin;
(b) The form in which the margin may be provided;
(c) The steps the conventional bank licensee may be required or entitled to take if the customer fails to provide the required margin, including:
(i) The fact that the customer's failure to provide margin may lead to the conventional bank licensee closing out his position after a time limit specified by the firm;
(ii) The circumstances in which the conventional bank licensee will have the right or duty to close out the customer's position; and
(iii) The circumstances, other than failure to provide the required margin, that may lead to the conventional bank licensee closing out the customer’s position without prior reference to him.
Added: April 2008