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MIR-4.7.13

For the purpose of rule MIR-4.7.12 when undertaking due diligence, the member should take reasonable steps to establish that the bank is appropriate considering, among other factors, the following:

(a) Whether it is acceptable to the SRO;
(b) Whether it is a duly licensed bank in good regulatory standing;
(c) The capital adequacy of the bank;
(d) The amount of client money to be placed, as a proportion of the bank's capital and deposits; and
(e) The credit rating of the bank, if available.
Adopted January 2010