BC-9.9.19
Before conducting a transaction with or for a
(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 Islamic 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 Islamic bank licensee closing out his position after a time limit specified by the firm;
(ii) The circumstances in which the Islamic 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 Islamic bank licensee closing out the customer's position without prior reference to him.
Amended: July 2015
Added: April 08
Added: April 08