BC-9.13.7

For the purpose of Paragraph BC-9.10.4, the minimum information that should be included in a transaction confirmation includes:

(a) The Islamic bank licensee's name and address;
(b) Whether the Islamic bank licensee executed the transaction as principal or agent;
(c) The customer's name, account number or other identifier;
(d) Where relevant, a description of the collective investment undertaking or fund, including the amount invested or number of units involved;
(e) Whether the transaction was a sale or purchase;
(f) The price or unit price at which the transaction was executed;
(g) If applicable, a statement that the transaction was executed on an execution only basis;
(h) The date and time of the transaction or a statement that the time of execution will be provided on request;
(i) Due date and procedure for settlement of transaction and the bank account;
(j) The amount the Islamic bank licensee charges in connection with the transaction, including commission charges and the amount of any mark-up or mark-down, fees, taxes or duties;
(k) The amount or basis of any charges shared with another person or statement that this will be made available on request;
(l) For collective investment undertakings, a statement that the price at which the transaction has been executed is on a historic price or forward price basis, as the case may be;
(m) The regulated market on which the transaction was carried out or the fact that the transaction was undertaken outside a regulated market; and
(n) Whether the customer's counterparty was the Islamic bank licensee itself or any other person in the Islamic bank group.
Amended: July 2015
Amended: January 2013
Added: April 08