THE CORPORATIONS LAW

CHAPTER 8 - THE FUTURES INDUSTRY

PART 8.4 - CONDUCT OF FUTURES BUSINESS

SECTION 1207   FUTURES BROKER TO FURNISH MONTHLY STATEMENT TO CLIENT  

Where:

(a)  a futures broker has, at any time during a particular month, held money or property on account of a client; or

(b)  a futures broker has, before or during a particular month, acquired a futures contract on behalf of a client, and, as at the end of that month, the futures contract has not been disposed of;

the broker shall, within 7 days after the end of that month, send to the client a written statement setting out:

(c)  the name or style under which the broker carries on business as a futures broker and the address of the principal place at which the broker so carries on business;

(d)  the opening cash balance for that month in the client's account;

(e)  all deposits, credits, withdrawals and debits affecting the account during that month;

(f)  the cash balance in the account at the end of that month;

(g)  in relation to each futures contract that the broker has, before or during that month, acquired on behalf of the client and that, as at the end of that month, has not been disposed of, particulars of the futures contract, including the particulars required by virtue of paragraph 1206(3)(d), or paragraphs 1206(4)(b), (e) and (f) or (5)(b), (d) and (e), as the case requires, to be included in a contract note relating to the acquisition of the futures contract; and

(h)  details of each outstanding call for a deposit or margin in respect of a futures contract that the broker has acquired on behalf of the client.

Where a futures broker has, during a particular month, authority to operate on a discretionary account, the broker shall, within 7 days after the end of that month, send to the person, or to each person, as the case requires, who gave instructions to the broker authorising the broker to operate on the discretionary account a written statement setting out:

(a)  the name or style under which the broker carries on business as a futures broker and the address of the principal place at which the broker so carries on business;

(b)  the opening cash balance for that month in the account (in this subsection called the ``account'') maintained by the broker in respect of the discretionary account;

(c)  all deposits, credits, withdrawals and debits affecting the account during that month;

(d)  the cash balance in the account at the end of that month;

(e)  in relation to each futures contract:

(i) that the broker has acquired before or during that month;

(ii) the acquisition of which was an operation by the broker on the discretionary account; and

(iii) that, as at the end of that month, has not been disposed of;

particulars of the futures contract, including the particulars required by virtue of paragraph 1206(3)(d), or paragraphs 1206(4)(b), (e) and (f) or (5)(b), (d) and (e), as the case requires, to be included in a contract note relating to the acquisition of the futures contract; and

(f)  details of each outstanding call for a deposit or margin in respect of a futures contract that the broker has acquired on behalf of the client and the acquisition of which was an operation by the broker on the discretionary account.