FINMA Circular 08/5. Securities Dealers
|
|
- Alisha Jordan
- 8 years ago
- Views:
Transcription
1 AUDIT FINANCIAL SERVICES FINMA Circular 08/5 Securities Dealers 1 Summary Circular 08/5 defines the term securities dealer in accordance with Art. 2 lit. d SESTA and Art. 2 and 3 SESTO as well as the subordination of the introducing broker as a foreign securities dealer in accordance with Art. 38 and following of the SESTO. 2 Table of contents I. Title page pg. 2 II. Circular 08/5 pg. 3 3 Other languages DE: FINMA-RS 08/5 Effektenhändler vom 01. Januar 2009 FR: Circ.-FINMA 08/5 Commentaires du terme de négociant en valeurs mobilières du 01 janvier 2009 Unofficial translation issued in June 2010
2 Financial Market Supervisory Authority (FINMA) Circular 2008/5 Securities Dealers Explanatory Notes regarding Definition of Securities Dealers Reference: FINMA-Circ. 08/5 Issued: 20 November 2008 Effective: 1 January 2009 Last amendment: 20 November 2008 Concordance: SFBC-Circ. 98/2 Securities Dealers of 1 July 1998 Legal bases: FINMASA Art. 7 Para. 1 lit. b SESTA Art. 1, 2 lit. d SESTO Art. 2-5, 19 Para. 2, 38 et seq. Addressees BA ISA SESTA CISA AMLA Other Banks Fin. groups & conglomerates Other intermediaries Insurers Ins. groups & conglomerates Intermediaries Stock exchanges & participants Securities Dealers Fund management company SICAV Limited partnerships for CIS SICAF Custodian banks Managers domestic CIS Distributors Representative of foreign CIS Other intermediaries SRO DUFI SRO Supervised Audit companies Rating agencies x
3 Table of Content I. Purpose Margin nos. 1-2 II. Background Margin nos. 3-6 III. Main Activity in the Financial Sector (Art. 2 Para. 1 and 2, Art. 19 Para. 2 SESTO) IV. Trading in a Professional Capacity (Art. 3 Para. 1-5 SESTO) V. Public Offering (Art. 3 Para. 2-4, 6 and 7, Art. 4 SESTO) Margin nos Margin nos Margin nos VI. Own Account Dealers (Art. 3 Para. 1 SESTO) Margin nos A. Trading in a Professional Capacity Margin nos B. Trading for Own Account Margin no. 21 C. Short-term Basis Margin no. 22 D. Minimum Gross Volume of CHF 5 billion per annum Margin no. 23 VII. Issuing Houses (Art. 3 Para. 2 SESTO) Margin nos A. Trading in a Professional Capacity Margin no. 25 B. Public Offering Margin nos C. Issuing Houses with Banking Status Margin nos VIII. Derivative Houses (Art. 3 Para. 3 SESTO) Margin nos A. Trading in a professional capacity Margin no. 33 B. Public offering Margin nos C. Derivatives Margin no. 37 D. Spot Transactions Margin no. 38 IX. Market Makers (Art. 3 Para. 4 SESTO) Margin nos A. Trading in a Professional Capacity Margin no. 40 B. Public Offering Margin nos C. Trading for Own Account Margin no. 43 D. Short-term Basis Margin no. 44 3
4 E. Legal Segregation of Securities Trading Margin no. 45 X. Dealers Trading on behalf of Customers (Art. 3 Para. 5 SESTO) Margin nos A. Trading in a Professional Capacity Margin nos B. In Own Name and for the Account of Customers Margin no. 50 C. Maintenance of Accounts or Custody of Securities Margin no. 51 D. Asset Managers or Investment Advisors Not Subordinated to the Law Margin no. 52 E. Legal segregation of securities trading Margin no. 53 XI. Introducing Brokers (Art. 39 Para. 1 lit. a fig. 2 SESTO) Margin nos
5 I. Purpose The present Circular explains in general the definition of securities dealer according to Art. 2 lit. d SESTA and Art. 2 and 3 SESTO as well as the subordination of the introducing broker as a foreign securities dealer in accordance with Art. 38 et seq. SESTO. The Circular will be adapted to the future amendments and developments in the practice to the above-named provisions of the Stock Exchange Act and Stock Exchange Ordinance. 1 2 II. Background The term securities dealer is defined in Art. 2 lit. d SESTA as follows: Securities dealers: natural persons, legal entities or partnerships who, in a professional capacity, trade for their own account on a short term basis or who buy and sell securities on the secondary market for the account of third parties, who offer securities to the public on the primary market, or who create and offer derivatives to the public. The implementing provisions regarding the term "securities dealer" in Art. 2 SESTO establish the following dealer categories: own-account dealers, issuing houses, derivative houses, market makers and client dealers, which for their part are set out in Art. 3 SESTO. These categories of dealers result in distinctive attributes that are useful for distinguishing securities dealers requiring a license from those not subject to the Act. These categories of dealers will be dealt with in more detail in Sections VI through X below. Companies with registered office in Switzerland that, as domestic securities dealers, fall under one of these categories require a license pursuant to Art. 10 SESTA and Art. 17 et seq. SESTO. In accordance with Art. 38 Para. 1 SESTO, foreign securities dealers shall be deemed to be companies that (a) possess an equivalent license abroad; (b) apply the expression "securities dealer" or an expression of similar meaning in their corporate name, business purpose or documents; or (c) conduct trading in securities within the sense of Art. 2 lit. d SESTA. They require a license pursuant to Art. 39 Para. 1 SESTO if they (a) maintain a branch or representative office in Switzerland or (b) are member of a stock exchange with registered office in Switzerland or plan to do become one III. Main Activity in the Financial Sector (Art. 2 Para. 1 and 2, Art. 19 Para. 2 SESTO) Own account dealers, issuing houses and derivative houses are subject to the Stock Exchange Act only if they are mainly active in the financial sector (Art. 2 Para. 1 SESTO). Mainly implies that the activity in the financial sector clearly predominates over any other activities (of an industrial or commercial nature). The condition main activity in the financial sector prevents industrial and commercial companies from being subordinated to the Stock Exchange Act based on the activity of their finance departments. Furthermore, the definition is to be observed in terms of consolidation. Group companies that assume treasury operation tasks of industrial and trading companies or groups are not subordinated to the Stock Exchange Act if their financial activity is closely connected with the normal business of the group. On the other hand, "market makers" and "dealers acting on behalf of customers" are securities dealers within the sense of the Stock Exchange Act even if they are not mainly active in the financial sector (Art. 2 Para. 2 SESTO). Companies deemed by the Stock Exchange Act to be "market makers" or "dealers acting on behalf of
6 customers" that are not mainly active in the financial sector must therefore make their securities trading business a legally autonomous entity (Art. 19 Para. 2 SESTO). IV. Trading in a Professional Capacity (Art. 3 Para. 1-5 SESTO) The common requirement for all dealer categories is that the specific activity must be undertaken in a professional capacity. Trading in a professional capacity implies that securities trading constitutes both a separate and independent economic activity that is designed to achieve regular revenues (see also the definition in Art. 2 lit. b Commercial Register Ordinance CRO). This definition of trading in a professional capacity applies to the following dealer categories: "own-account dealers", "issuing houses", "derivative houses" and "market makers"; an additional criteria is applicable for "dealers acting on behalf of customers" (see Margin no. 49 below) V. Public Offering (Art. 3 Para. 2-4, 6 and 7, Art. 4 SESTO) An offering is deemed to be public if it is addressed to an unlimited number of persons, i.e. is disseminated, in particular, through advertisements, prospectuses, circulars or electronic media (see also Art. 3 BO). In accordance with Art. 3 Para. 7 SESTO, however, offers from issuing houses, derivative houses and market makers are not deemed to be public if they are addressed exclusively to the following persons (see Art. 3 Para. 6 SESTO): a. domestic and foreign banks and securities dealers or other state supervised companies; b. shareholders or partners with a significant interest in the debtor (note: i.e. in the company which is not a securities dealer within the sense of the Stock Exchange Act) and persons with business or family ties to them; c. institutional investors with a professional treasury. For example, pension funds, "communes", industrial or trading companies are deemed to be institutional investors with a professional treasury. Professional treasury management exists if the enterprise entrusts at least one person with proven professional qualifications and experience in the financial sector with the responsibility of managing the financial resources of the company on an on-going basis (cf. also FINMA-Circ. 08/3 "Public Deposits with Non-banks", Margin no. 25). 16 VI. Own Account Dealers (Art. 3 Para. 1 SESTO) Own account dealers trade, by definition, in securities in a professional capacity for their own account on a short-term basis (Art. 3 Para. 1 SESTO). 17 A. Trading in a Professional Capacity See Margin nos above 18 Individuals and legal entities who only administer their own assets do not trade in a professional capacity within the sense of this interpretation. 19 6
7 On the other hand, investment companies trade in a professional capacity because the administration of their investment assets constitutes a service which is provided for the benefit of their shareholders (and is charged to them). 20 B. Trading for Own Account The own-account dealer trades for own account if he settles securities transactions in his own name without order or instructions of third parties and he also bears the risks arising therefrom i.e. the profits therefrom accrue to him or he bears the losses. The exercising of clearing functions for securities transactions of third parties is also deemed to be trading for own account as long as the own-account dealer assumes the related risks and as long as third parties do not advance monies to him for the settlement of the securities transactions; otherwise he would become a dealer acting on behalf of customers (see Margin nos. 46 et seq. below). 21 C. Short-term Basis The meaning of "short-term basis" relates to the aim pursued with the purchase of securities, i.e. the active management thereof in order to achieve profits from changes in prices or interest rates within a short period (trading portfolio, cf. definition of trading activities in FINMA-Circ. 08/2 "Accounting Banks", Margin no. 236). Those who acquire securities for the purpose of financial investment or a share participation (e.g. holding companies) are not trading on a short-term basis. 22 D. Minimum Gross Volume of CHF 5 billion per annum Because the own-account dealer only trades in his own name and for his own account, he has, by definition, no customers. Thus, his subordination to the Stock Exchange Act is not for reasons of investor protection. Such subordination is justified only for the protection of the market. However, he is capable of endangering the market function only if he undertakes a significant volume of securities transactions. Thus, an own-account dealer is only subject to the Stock Exchange Act if he settles securities trades with a gross turnover of more than CHF 5 billion per annum. For the calculation of turnover, the prices paid or realized are to be applied to both spot and derivative transactions. 23 VII. Issuing Houses (Art. 3 Para. 2 SESTO) Issuing houses, by definition, professionally underwrite securities issued by third parties at a fixed rate or on commission and offer them to the public on the primary market (Art. 3 Para. 2 SESTO). 24 A. Trading in a Professional Capacity See Margin nos above 25 B. Public Offering See Margin nos above 26 Should securities be placed with less than 20 customers subsequent to a public offering (cf. Art. 4 SESTO), an activity as an issuing house is deemed to have taken place. On the other hand, those who place securities with less than 20 customers without a public offering shall not be deemed to be an issuing house
8 C. Issuing Houses with Banking Status Art. 2a lit. c BO, which subordinated issuing houses to the Banking Act, was repealed through Art. 57 SESTO because issuing houses no longer fall under the Banking Act but are covered by the Stock Exchange Act. Issuing houses, which until now fell under the Banking Act in accordance with Art. 2a lit. c BO, do not necessarily lose their banking status as a result. As previously, the core activities may be continued as a bank in accordance with the provisions of the Banking Act, subject to the timely compliance with the licensing requirements set out in Art. 58 Para. 2 SESTO. Upon request, a change may also be made from subordination to the Banking Act to that of the Stock Exchange Act. However, for such cases, the requirements of the Stock Exchange Act imposed upon securities dealers must be complied with as of the date of change and a new license must be granted. Existing securities dealers without banking status, as allowed by the transitional rules set out in Art. 50 SESTA, may continue their core activities but are not allowed to expand their activities during the transitional period into the business area of an issuing house without a corresponding securities dealer license VIII. Derivative Houses (Art. 3 Para. 3 SESTO) Derivative houses, by definition, create derivatives on a professional basis and offer them to the public on the primary market for their own account or that of third parties (Art. 3 Para. 3 SESTO). 32 A. Trading in a Professional Capacity See Margin nos above 33 B. Public Offering See Margin nos above 34 Should derivatives be placed with less than 20 customers subsequent to a public offering (cf. Art. 4 SESTO), activity as a derivative house is nevertheless deemed to have occurred. On the other hand, those who place derivatives with less than 20 customers without a public offering shall not be deemed to be a derivative house C. Derivatives According to the definition in Art. 5 SESTO, derivatives are financial contracts whose prices are derived from assets such as shares, bonds, commodities and precious metals as well as reference rates such as currencies, interest rates and indexes. It is irrelevant whether these financial contracts are quoted or stock-exchange traded or traded over-the-counter. Conversely, the derivatives must be widely standardized, i.e. issued on a uniform basis and suitable for mass trading within the sense of Art. 4 SESTO. If individual parameters can be freely fixed, standardization does not exist, as a rule, within the sense of Art. 4 SESTO. 37 D. Spot Transactions In contrast, dealers who only conduct spot transactions in underlying values that in their own right do not represent securities within the sense of Art. 2 lit. a SESTA or Art. 4 SESTO (raw materials, precious metals, foreign currencies) do not fall under the Stock Exchange Act; in other words, dealers in raw materials, precious metals and foreign currencies whose activities are limited to such spot transactions are not subject to the 38 8
9 Stock Exchange Act. IX. Market Makers (Art. 3 Para. 4 SESTO) Market makers trade, by definition, securities in a professional capacity on a short-term basis for their own account and quote prices to the public for single securities either on a regular basis or upon request (Art. 3 Para. 4 SESTO). 39 A. Trading in a Professional Capacity See Margin nos above 40 B. Public Offering See Margin nos above 41 Quoting prices to the public, continuously or upon request constitutes by analogy a public offering within the sense of Art. 3 Para. 7 and Art. 4 SESTO. 42 C. Trading for Own Account See Margin no. 21 above 43 D. Short-term Basis See Margin no. 22 above 44 E. Legal Segregation of Securities Trading Market makers also fall under the law even if they are not principally active within the financial sector (Art. 2 Para. 2 SESTO, cf. fig. III). Companies whose finance departments satisfy the definition as market makers must thus legally segregate their securities trading business and the new company must apply for a license as securities dealer under the Stock Exchange Act (Art. 19 Para. 2 SESTO). 45 X. Dealers Trading on behalf of Customers (Art. 3 Para. 5 SESTO) Dealers acting on behalf of customers trade, by definition, in securities on a professional basis for the account of customers and 46 a. operate accounts for these customers for the settlement of securities transactions either themselves or with third parties; or b. themselves hold securities of these customers in safekeeping or in their own name with third parties (Art. 3 Para. 5 SESTO). In accordance with Art. 3 Para. 6 SESTO, the following are not deemed customers: 47 a. domestic and foreign banks and securities dealers or other enterprises subject to state supervision; b. shareholders or partners with a significant participation in the equity capital of the debtor (note: in a company that is not a securities dealer within the sense of the Stock Exchange Act) and persons with economic or family ties thereto; 9
10 c. institutional investors whose treasury is managed professionally. A. Trading on a Professional Basis See Margin nos above 48 A dealer acting on behalf of customers, in addition, trades on a professional basis if he directly or indirectly maintains accounts or acts as custodian of securities for more than 20 customers (cf. Art. 3a Para. 2 SESTO). 49 B. In Own Name and for the Account of Customers The dealer acting on behalf of customers acts, vis-à-vis third parties (banks, securities dealers, brokers, stock exchanges etc.), in his own name, but the economic risk underlying the securities trades executed by him or given by him to be executed, however, is carried by his customer. The dealer acting on behalf of customers also acts in his own name, in particular, whenever he maintains with third parties an account or securities deposit for each individual customer ("mirror accounts"). Dealers acting on behalf of customers are also those who, based upon related powers-of-attorney, use their own accounts or custodians to purchase and sell securities for customers (cf. also Margin no. 52). 50 C. Maintenance of Accounts or Custody of Securities These requirements are satisfied whenever the dealer acting on behalf of customers and his customer have concluded a custody agreement, an account-opening contract or a fiduciary contract and the dealer acting on behalf of customers thereby becomes the custodian or fiduciary owner of the related assets, or, based on the factual activities, an equivalent legal situation is given. Based upon these contractual or factual relations, the dealer acting on behalf of customers maintains accounts for the customer himself or with third parties or holds for the latter securities in safekeeping himself or with third parties. 51 D. Asset Managers or Investment Advisors not Subordinated to the Law Asset managers or investment advisors who manage the assets of third parties solely on the basis of powersof-attorney, i.e. who do not maintain accounts or securities deposits in their own name for the account of these third parties, do not fall under the Stock Exchange Act. However, should the asset manager or investment advisor additionally purchase or sell securities to his customers using his own account or securities deposit, he is a dealer acting on behalf of customers (see Margin no. 50 in fine). 52 E. Legal Segregation of Securities Trading Dealers acting on behalf of customers also fall under the law even if they are not principally active in the financial sector (Art. 2 Para. 2 SESTO, cf. fig. III). Companies that offer services of a dealer acting on behalf of customers through their finance departments must therefore legally segregate the securities trading business and the new company must apply for a license as securities dealer under the Stock Exchange Act (Art. 19 Para. 2 SESTO). 53 XI. Introducing Brokers (Art. 39 Para. 1 lit. a fig. 2 SESTO) The activity of the introducing broker encompasses in short the transmission of securities trades in Switzerland for foreign securities dealers. In doing so, the conditions set out in Art. 39 Para. 1 lit. a fig. 2 SESTO requiring a license for the activity as representative of a foreign securities dealer in Switzerland are satisfied
11 The activities of introducing brokers in Switzerland are nevertheless strongly influenced by the links to the foreign securities dealer they represent so that differing rules are thus required regarding their subordination to the Stock Exchange Act. Thus, within the sense of Art. 39 Para. 1 lit. a fig. 2 SESTO, the activities below of a representative of a foreign securities dealer are addressed by the Stock Exchange Act. In these cases, the license is granted not to the representative in Switzerland, but to the foreign securities dealer. a. The foreign securities dealer employs persons in Switzerland who are fully integrated into his organization and who both transmit securities trades and forward orders for him. b. The foreign securities dealer possesses a subsidiary in Switzerland (which itself does not have the status of a domestic securities dealer) that carries the same or a similar corporate name and which both transmits securities trades and forwards orders for the foreign securities dealer. c. The foreign securities dealer concludes exclusive contracts with individuals or legal entities in Switzerland for the transmittal of securities trades. The representative in Switzerland acts as exclusive representative of the foreign securities dealer and is compensated for each trade (mostly retrocessions). d. The foreign securities dealer concludes non-exclusive contracts with individuals or legal entities in Switzerland for the transmittal of trades but authorizes the representative to use his corporate name. The representative is also compensated in this case for each trade. In contrast to the preceding structures of the relationship between the foreign securities dealer and the representative in Switzerland, the following constructions do not fall under Art. 39 Para. 1 lit. a fig. 2 SESTO: e. The foreign securities dealer concludes contracts with individuals or legal entities in Switzerland without a clause of exclusivity and does not authorize the intermediary to use his corporate name. f. No particular legal agreements within the sense of letters a-e exist between the intermediary in Switzerland and the foreign securities dealer to whom he transmits securities trades and forwards orders
12 kpmg.ch Contact us Daniel Senn Head Audit Financial Services Zürich Tel Fax Philipp Rickert Head Internatinal Banking Zürich Tel Fax Hans Stamm Head International Banking Zürich Tel Fax Markus Schunk Head Asset Management Zürich Tel Fax Phillipe Cordonier Geneva Tel Fax Olivier Gauderon Head Department of Professional Practice Geneva Tel Fax Patrizio Aggio Director Lugano Tel Fax The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation KPMG Holding AG/SA, a Swiss corporation, is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss legal entity. All rights reserved. Printed in Switzerland. KPMG and the KPMG logo are registered trademarks of KPMG International.
FINMA Circular 2008/23 Risk Diversification Banks
FINANCIAL SERVICES FINMA Circular 2008/23 Risk Diversification Banks 1 Summary Circular 08/23 regulates procedures for taking account of credit derivatives in the trading book and bank book and short-
More informationOrdinance on Collective Investment Schemes
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force. Ordinance on Collective Investment Schemes (Collective
More information2010 Portfolio Management Guidelines
2010 Portfolio Management Guidelines Preamble The Board of Directors of the Swiss Bankers Association has adopted these Guidelines in order to maintain and enhance the reputation and high quality of Swiss
More informationFederal Act on Collective Investment Schemes
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force. Federal Act on Collective Investment Schemes (Collective
More informationFederal Act on Collective Investment Schemes
Federal Act on Collective Investment Schemes (Collective Investment Schemes Act, CISA) of June, 006 As the pertaining Ordinances have not been published yet, SFA reserves the right to amend any terms used
More informationCODE OF ETHICS FOR THE MANAGEMENT OF COLLECTIVE INVESTMENT SCHEMES
CODE OF ETHICS FOR THE MANAGEMENT OF COLLECTIVE INVESTMENT SCHEMES Table of Contents I Objectives 2 II Scope, binding force 2 III Code of Ethics for the Asset Manager of Collective Investment Schemes 2
More informationDecember 2013 Portfolio Management Guidelines
December 2013 Portfolio Management Guidelines Preamble 1. The Board of Directors of the Swiss Bankers Association has adopted these Guidelines in order to maintain and enhance the reputation and high quality
More informationReporting Office Rules for the Fulfilment of the Legal Reporting Requirements for Securities Dealers
SIX Swiss Exchange Ltd Reporting Office Rules for the Fulfilment of the Legal Reporting Requirements for Securities Dealers of 3/03/04 Effective from: 06/0/04 Reporting Rules 06/0/04 Table of contents.
More informationDue diligence requirements for client onboarding via digital channels
Banks Financial groups and congl. Other intermediaries Insurers Insurance groups and congl. Insurance intermediaries Stock exch. and participants Securities dealers Fund management companies SICAVs Limited
More informationINTERACTIVE BROKERS LLC (SEC I.D. No. 8-47257)
INTERACTIVE BROKERS LLC (SEC I.D. No. 8-47257) STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2003 AND INDEPENDENT AUDITORS REPORT AND SUPPLEMENTAL REPORT ON INTERNAL CONTROL ******* Filed pursuant
More informationAct on Investment Firms 26.7.1996/579
Please note: This is an unofficial translation. Amendments up to 135/2007 included, May 2007. Act on Investment Firms 26.7.1996/579 CHAPTER 1 General provisions Section 1 Scope of application This Act
More informationRULE 1 INTERPRETATION AND EFFECT
RULE 1 INTERPRETATION AND EFFECT 1.1. In these Rules unless the context otherwise requires, the expression: Affiliate or Affiliated Corporation means in respect of two corporations, either corporation
More informationSwiss asset management and fund industry facing major regulatory changes
Swiss asset management and fund industry facing major regulatory changes by Thomas A. Frick, Sandro Abegglen and Marco Häusermann, Niederer Kraft & Frey AG The Swiss asset management and fund industry
More informationREGULATIONS GOVERNING THE SENAF MULTILATERAL TRADING FACILITY
REGULATIONS GOVERNING THE SENAF MULTILATERAL TRADING FACILITY 1 SENAF REGULATIONS TITLE I - GENERAL PROVISIONS Article 1. Object Article 2. Scope of application Article 3. Governing bodies Article 4. Applicable
More informationCLIENT ALERT. OTC derivatives trading and financial market infrastructure. Recent developments in Switzerland. January 2014
CLIENT ALERT January 2014 OTC derivatives trading and financial market infrastructure Recent developments in Switzerland Background Further to the lack of transparency in the OTC derivatives markets highlighted
More informationL A W ОN FOREIGN EXCHANGE OPERATIONS
L A W ОN FOREIGN EXCHANGE OPERATIONS This Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers between residents and nonresidents in foreign means of payment and dinars;
More informationDWS (CH) Money Market Umbrella Fund
DWS (CH) Money Market Umbrella Fund Simplified Prospectus Umbrella fund under Swiss law (Type Other funds for traditional investments ) June 2012 Simplified prospectus as of June 2012 Simplified prospectus
More informationAccounting rules for banks, securities dealers, financial groups and conglomerates (ARB)
Circular 2015/1 Accounting banks Accounting rules for banks, securities dealers, financial groups and conglomerates (ARB) Reference: FINMA-Circ. 15/01 Accounting banks Date: 27 March 2014 Entry into force:
More informationLaws, ordinances and circulars
Specialist information factsheet Collective schemes and es December 2009 I Introduction Tax legislation plays a crucial part in the fund management industry and is of considerable importance to individual
More informationCREDIT SUISSE (Incorporated in Switzerland)
CREDIT SUISSE (Incorporated in Switzerland) Registration Document This Registration Document comprises: Table of Contents (page 3); Information Incorporated by Reference (pages 4-9); Risk Factors (page
More informationMTA ALL AGENCY INVESTMENT GUIDELINES Operating and Capital Program Funds
MTA ALL AGENCY INVESTMENT GUIDELINES Operating and Capital Program Funds WHEREAS the Treasury Department of the Metropolitan Transportation Authority manages the investment of the operating and capital
More informationTHE INVESTMENT FUNDS AND MANAGEMENT COMPANIES ACT - 1. Ljubljana, 2003
THE INVESTMENT FUNDS AND MANAGEMENT COMPANIES ACT - 1 (published in the Official Gazette of the Republic of Slovenia - no. 110 on December 2002) Ljubljana, 2003 The original text of this act is written
More informationForm ADV Part 2A Brochure March 30, 2015
Item 1 Cover Page Form ADV Part 2A Brochure March 30, 2015 OneAmerica Securities, Inc. 433 North Capital Avenue Indianapolis, Indiana, 46204 Telephone: 877-285-3863, option 6# Website: www.oneamerica.com
More informationGuideline. Large Exposure Limits. Category: Prudential Limits and Restrictions. No: B-2 Date: August 2003. I. Introduction
Canada Bureau du surintendant des institutions financières Canada 255 Albert Street 255, rue Albert Ottawa, Canada Ottawa, Canada K1A 0H2 K1A 0H2 www.osfi-bsif.gc.ca Guideline Subject: Category: Prudential
More informationDefinitions. Article (2)
Definitions Article (2) The following words and phrases wherever mentioned in this Law shall have the meanings ascribed thereto hereunder unless the context indicates otherwise: The Commission The Board
More informationChapter 21 INVESTMENT VEHICLES INVESTMENT COMPANIES. General
Chapter 21 INVESTMENT VEHICLES CHAPTER 21 INVESTMENT COMPANIES General 21.01 The Exchange Listing Rules apply as much to issues of equity securities or debt securities by investment companies as they do
More informationVIII. Parent company financial statements Credit Suisse (Bank) 339 Report of the Statutory Auditors. 340 Financial review. 341 Statements of income
VIII Parent company financial statements Credit Suisse (Bank) 339 Report of the Statutory Auditors 340 Financial review 341 Statements of income 342 Balance sheets 343 Off-balance sheet business 344 Notes
More informationFirst Nations Wealth Management through Good Governance
FIRST NATIONS FISCAL & WEALTH MANAGEMENT PAPER 3.1 First Nations Wealth Management through Good Governance These materials were prepared by Georgina Villeneuve, MBA, MTI, Vice President, Trust Service,
More informationPrivate Equity funds. Venture Capital funds. Hedge funds. Other structures. 2.2 Laws. Retail funds UCITS; non-ucits;
Luxembourg Regulation FUNDS AND FUND MANAGEMENT 2010 2.1 Type of funds UCITS funds Three classes of funds comply with the definition of UCITS as set out in the EU UCITS Directive 85/611/EEC that was transposed
More informationClackamas County. Office of the Treasurer. Investment Policy. 2051 Kaen Rd, #430. Oregon City, Oregon 97045 503-742-5995 FAX 503-742-5996
Clackamas County Office of the Treasurer Investment Policy 2051 Kaen Rd, #430 Oregon City, Oregon 97045 503-742-5995 FAX 503-742-5996 shariand@co.clackamas.or.us 6/4/12 1 I. Objectives: Clackamas County
More informationForeign investment funds distributed to Swiss qualified investors need to. Financial Services News No. March 2015
March 2015 Financial Services News No. 1 Foreign investment funds distributed to Swiss qualified investors need to appoint a Swiss representative and a Swiss paying agent prior to initiate distribution
More informationThe Warsaw Stock Exchange Rules
The Warsaw Stock Exchange Rules (text according to legal condition at 1 June 2015)* *The Warsaw Stock Exchange Rules adopted in Resolution No. 1/1110/2006 of the Exchange Supervisory Board dated 4 January
More informationThe Warsaw Stock Exchange Rules
(text consolidated at 20 June 2012)* * 1) The Rules adopted by the Supervisory Board by Resolution No. 1/1110/2006 dated 4 January 2006, as amended by the Exchange Supervisory Board: - by Resolution No.
More informationHow To Write A Takeover Offer In Swissitzerland
Federal Act on Stock Exchanges and Securities Trading (Stock Exchange Act, SESTA) Version, October, 999 Federal Act on Stock Exchanges and Securities Trading (Stock Exchange Act, SESTA) Stock Exchange
More informationGeneral Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008
CEIOPS-DOC-07/08 General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008 CEIOPS e.v. - Westhafenplatz 1 60327 Frankfurt
More informationCode of Conduct for Securities Dealers. governing securities transactions
Code of Conduct for Securities Dealers 008 governing securities transactions Contents Preamble... 3 A General guidelines to the Code of Conduct... 4 Art. Legal basis... 4 Art. Scope... 5 B Duty of disclosure...
More informationCross-border distribution of collective investment schemes
Cross-border distribution of collective investment schemes www.practicallaw.com/8-525-9194 Christophe Rapin, Alexander Vogel, Christophe Pétermann and Reto Luthiger In February 2012 there were 1,388 Swiss
More informationAct on Insurance. The National Council of the Slovak Republic has adopted the following Act: SECTION I PART ONE GENERAL PROVISIONS
Act on Insurance Full wording of Act No 8/2008 Coll. of 28 November 2007 on Insurance and on amendments and supplements to certain laws, as amended by Act No 270/2008 Coll., Act No 552/2008 Coll., Act
More informationINFORMATION CIRCULAR: ALPS ETF TRUST
INFORMATION CIRCULAR: ALPS ETF TRUST TO: FROM: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders Nasdaq / BX / PHLX Listing Qualifications Department
More information15 USC 80b-2. NB: This unofficial compilation of the U.S. Code is current as of Jan. 4, 2012 (see http://www.law.cornell.edu/uscode/uscprint.html).
TITLE 15 - COMMERCE AND TRADE CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS SUBCHAPTER II - INVESTMENT ADVISERS 80b 2. Definitions (a) In general When used in this subchapter, unless the context otherwise
More informationClearing Conditions for Eurex Clearing AG Page 1. Chapter I General Provisions. Part 1 General Rules. 1.5 Settlement of transactions
Clearing Conditions for Eurex Clearing AG Page 1 ( ) Chapter I General Provisions Part 1 General Rules ( ) 1.5 Settlement of transactions (1) Eurex Clearing AG is contractual partner for all deliveries
More informationAIFMD means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers, as amended.
Glossary Accounting Period means the annual accounting period for the Company ending on 31 December in each calendar year. The first annual accounting period will end on 31 December 2015. Acts means the
More informationStock Exchange Ordinance, SESTO Ordinance on Stock Exchanges and Securities Trading
Stock Exchange Ordinance, SESTO Ordinance on Stock Exchanges and Securities Trading (Stock Exchange Ordinance, SESTO) unofficial translation The information contained in this document is given without
More informationDaniel Haeberli, Eduard De Zordi, Stefan Oesterhelt, Ansgar Schott and Anh Huynh, Homburger AG
Investment Funds 2007/08 Switzerland Switzerland Daniel Haeberli, Eduard De Zordi, Stefan Oesterhelt, Ansgar Schott and Anh Huynh, Homburger AG www.practicallaw.com/6-379-8832 Retail funds 1. Please give
More informationMonthly European ETF Market Trends SEPTEMBER 2015 in brief
LYXOR ETF BAROMETER OCTOBER 215 1 THIS DOCUMENT IS FOR THE E XCLUSIVE USE OF INVESTORS ACTING ON THEIR OWN ACCOUNT AND CATEGORIZED EITHER AS ELIGIBLE COUNTERPARTIES OR PROFESSIONAL CLIENTS WITHIN THE ME
More informationCommercial Banks to Launch Fund Management Companies
Commercial Banks to Launch Fund Management Companies Christophe Han and Charles Qin Following an extended period of solicitation of opinions and a heated debate on the issues of commercial bank's incorporation
More informationInsurance/Reinsurance - Sweden
Page 1 of 7 Newsletters Law Directory Deals News Conferences Appointments My ILO Home Insurance/Reinsurance - Sweden Overview (March 2006) Contributed by Advokatfirman Vinge March 14 2006 Introduction
More informationCode of Ethics Effective June 1, 2015
Code of Ethics Effective June 1, 2015 APPLICABLE RULES AND REGULATIONS Rule 17j-1 of the Investment Company Act of 1940, as amended Rule 204A-1 of the Investment Advisers Act of 1940, as amended I. POLICY
More informationGOLDMAN SACHS EXECUTION & CLEARING, L.P. and SUBSIDIARIES
CONSOLIDATED STATEMENT of FINANCIAL CONDITION PURSUANT to RULE 17a-5 of the SECURITIES and EXCHANGE COMMISSION As of June 30, 2010 30 HUDSON STREET JERSEY CITY, NJ 07302 CONSOLIDATED STATEMENT OF FINANCIAL
More informationRegulation of Investment Advising, Investment Marketing and Investment Portfolio Management Law, 1995 1. Chapter A: Interpretation
The following translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the ISA does not assume
More informationSwiss Federal Banking Commission Circular: Audit Reports of Banks and Securities Firms. 29 June 2005 (Latest amendment: 24 November 2005)
SFBC Circular 05/2 Audit Reports Page 1 Swiss Federal Banking Commission Circular: Audit Reports of Banks and Securities Firms (Audit Reports) 29 June 2005 (Latest amendment: 24 November 2005) Contents
More informationSupplement No. 1 published with Extraordinary Gazette No. 80 dated 16 th October, 2015. THE TAX INFORMATION AUTHORITY LAW (2014 REVISION)
CAYMAN ISLANDS Supplement No. 1 published with Extraordinary Gazette No. 80 dated 16 th October, 2015. THE TAX INFORMATION AUTHORITY LAW (2014 REVISION) THE TAX INFORMATION AUTHORITY (INTERNATIONAL TAX
More informationCUSTOMER FUNDS PROTECTION AT NEWEDGE FINANCIAL HONG KONG LTD & NEWEDGE BROKER HONG KONG LTD
NEWEDGE CUSTOMER FUNDS PROTECTION AT NEWEDGE FINANCIAL HONG KONG LTD & NEWEDGE BROKER HONG KONG LTD January 2015 OVERVIEW The foundation for protecting customer property when customer trades with us is
More informationis held and maintained at GAIN Capital who serves as the clearing agent and counterparty to your trades. GAIN Capital is a
Last updated July 2, 2015 FOREX RISK DISCLOSURE STATEMENT Forex trading involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade
More informationKMH Wealth Management, LLC PO Box 2549 101 S. Main St. Suite 300 Victoria, TX 77902 FORM ADV PART 2 BROCHURE
KMH Wealth Management, LLC PO Box 2549 101 S. Main St. Suite 300 Victoria, TX 77902 361 573-4383 Fax 361 573-1168 www.kmhwealth.com mail@kmhwealth.com 3/19/2014 FORM ADV PART 2 BROCHURE This brochure provides
More informationREGULATION OF INVESTMENT COUNSELING, INVESTMENT MARKETING AND PORTFOLIO MANAGEMENT LAW 5757-1997
Disclaimer: The Following is an unofficial translation, and not necessarily an updated one. The binding version is the official Hebrew text. Readers are consequently advised to consult qualified professional
More informationUnison Advisors LLC. The date of this brochure is March 29, 2012.
Unison Advisors LLC 2032 Belmont Road NW, #619 Washington, DC 20009 T 646 290 7697 F 646 290 5477 www.unisonadvisors.com The date of this brochure is March 29, 2012. This brochure provides information
More informationACT ON COLLECTIVE INVESTMENT
ACT ON COLLECTIVE INVESTMENT The full wording of Act No. 594/2003 Coll. on collective investment, as amended by Act No. 635/2003 Coll., Act No. 747/2004 Coll., Act No. 213/2006 Coll., Act No. 209/2007
More informationBANK INSURED DEPOSIT PROGRAM TERMS AND CONDITIONS
BANK INSURED DEPOSIT PROGRAM TERMS AND CONDITIONS Please read these Terms and Conditions describing the Bank Insured Deposit Program. You may consult your Financial Advisor for more information. I. INTRODUCTION
More informationThe text boxes in this document are for explanatory purposes only and are not part of the Instrument or the Companion Policy.
This document is an unofficial consolidation of all amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) and its Companion Policy,
More informationGUIDE TO INVESTMENT FUNDS IN BERMUDA
GUIDE TO INVESTMENT FUNDS IN BERMUDA CONTENTS PREFACE 1 1. Introduction 2 2. Principal Regulatory Framework 2 3. Investment Fund Structures and Forms 4 4. Segregated Accounts Companies and the Segregation
More informationFederal Act on Combating Money Laundering and Terrorist Financing in the Financial Sector 1
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force. Federal Act on Combating Money Laundering and Terrorist
More informationDirectives. of the Federal Office of Private Insurance FOPI
www.bpv.admin.ch Directives of the Federal Office of Private Insurance FOPI 21 November 2007 6/2007 Framework Directive on the Activities of Independent Auditors with Respect to Insurance Companies (Framework
More informationFUND MANAGER CODE OF CONDUCT
FUND MANAGER CODE OF CONDUCT First Edition pursuant to the Securities and Futures Ordinance (Cap. 571) April 2003 Securities and Futures Commission Hong Kong TABLE OF CONTENTS Page INTRODUCTION 1 I. ORGANISATION
More informationRegulations for the Novartis Direct Share Purchase Plan
Regulations for the Novartis Direct Share Purchase Plan Novartis International AG 4002 Basel Switzerland 11/2013, Novartis International AG 1 Regulations for the Novartis Direct Share Purchase Plan 1 What
More information957.1. Federal Act. Intermediated securities. (Federal Intermediated Securities Act, FISA) Chapter 1: Purpose, Scope and Definitions
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force. Federal Act on Intermediated Securities (Federal Intermediated
More informationUBS Wealth Management Financial Services Guide
Financial Services Guide Australia Ltd ABN 50 005 311 937 AFS Licence No. 231127 UBS Securities Australia Ltd ABN 62 008 586 481 AFS Licence No. 231098 UBS AG, Australia Branch ARBN 088 129 613 AFS Licence
More informationOrdinance of the Swiss Financial Market Supervisory Authority on Collective Investment Schemes
951.312 English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force. Ordinance of the Swiss Financial Market Supervisory
More informationGuidance for companies, trusts and partnerships on completing a self-certification form
Guidance for companies, trusts and partnerships on completing a self-certification form In order to combat tax evasion by both individuals and businesses, the UK and many other countries have entered into
More informationInvestment Advisory Agreement. Advantage Portfolio Management Program
Investment Advisory Agreement Advantage Portfolio Management Program Dear Sirs/Madams: This Investment Advisory Agreement confirms our agreement as to the following: CLIENT NAME(s): ( Client ) ACCOUNT
More informationBuyback of equity and debt securities in Switzerland
Seite 1 von 11 Buyback of equity and debt securities in Switzerland Resource type: Articles: know-how Status: Law stated as at 01-Nov-2009 Markus Pfenninger and Lukas Wyss, Walder Wyss & Partners Ltd A
More informationCHAPTER 11 NOMINEE SERVICES
11/1 CHAPTER 11 NOMINEE SERVICES 1101. Scope and extent of nominee and similar services Subject to the Rules, applicable laws and applicable regulatory approval, in respect of Eligible Securities deposited
More informationTITLE VIII PAYMENT, CLEARING AND SETTLEMENT SUPERVISION
1 0 1 TITLE VIII PAYMENT, CLEARING AND SETTLEMENT SUPERVISION SEC. 01. SHORT TITLE. This title may be cited as the Payment, Clearing, and Settlement Supervision Act of 00. SEC. 0. FINDINGS AND PURPOSES.
More informationLAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS
LAW ON FOREIGN CURRENCY TRANSACTIONS ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) The present Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers
More informationDESCRIPTION OF THE PLAN
DESCRIPTION OF THE PLAN PURPOSE 1. What is the purpose of the Plan? The purpose of the Plan is to provide eligible record owners of common stock of the Company with a simple and convenient means of investing
More informationNot an Official Translation On Procedure of Coming into Effect of the Law of Ukraine On State Regulation of the Securities Market in Ukraine
Not an Official Translation Translation by Financial Markets International, Inc., with funding by USAID. Consult the original text before relying on this translation. Translation as of July 1999. RESOLUTION
More informationPart 11. INVESTMENT ADVISORY SERVICES. (a) Effective date. This Part shall become effective upon legal adoption.
(Reflects amendments effective July 9, 2014) Part 11. INVESTMENT ADVISORY SERVICES 11.1 General provisions and definitions. (a) Effective date. This Part shall become effective upon legal adoption. (b)
More informationPART 75 PROPRIETARY TRADING AND CERTAIN INTERESTS IN AND RELATIONSHIPS WITH COVERED FUNDS.
PART 75 PROPRIETARY TRADING AND CERTAIN INTERESTS IN AND RELATIONSHIPS WITH COVERED FUNDS. SUBPART A Section 1 Section 2 SUBPART B Section 3 Section 4 Section 5 Section 6 Section 7 Section 8 Section 9
More informationSwiss regulatory framework for financing activities in multinational corporations
Swiss regulatory framework for financing activities in multinational corporations Paolo Bottini ACC Event, 18 June 2009 Overview Introduction Banking Act Scope of application Anti-Money Laundering Act
More informationStatement of Financial Condition unaudited
Statement of Financial Condition unaudited June 30, 2015 Vanguard Marketing Corporation (a wholly owned subsidiary of The Vanguard Group, Inc.) Vanguard Marketing Corporation (a wholly owned subsidiary
More informationRisk Disclosure Statement
Risk Disclosure Statement The risk of loss in trading commodity futures contracts can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your
More informationHSBC Mutual Funds. Simplified Prospectus June 8, 2015
HSBC Mutual Funds Simplified Prospectus June 8, 2015 Offering Investor Series, Advisor Series, Premium Series, Manager Series and Institutional Series units of the following Funds: HSBC Global Corporate
More informationLaw on Investment Management Companies
(Unofficial translation) Published in the newspaper Latvijas Vēstnesis1 No. 342/346 on 30 December 1997, taking effect on 1 July 1998. As amended by: Law of 01.06.2000 (L.V., 20 June, No. 230/232; Ziņotājs,
More informationCABINET OFFICE ORDINANCE ON FINANCIAL INSTRUMENTS BUSINESS, ETC.
CABINET OFFICE ORDINANCE ON FINANCIAL INSTRUMENTS BUSINESS, ETC. Cabinet Office Ordinance No. 52 of 2007; Partially amended by Cabinet Office Ordinance No. 79 of 2007; No.11 of 2008; No.35 of 2008; No.43
More informationGENERAL TERMS ANC CONDITIONS OF BROKERAGE SERVICES PROVIDED BY BZ WBK BROKERAGE S.A. (UNIFORM TEXT)
Appendix to the Resolution No. 17/2011 of the Management Board of BZ WBK Brokerage S.A. dated 25 February 2011 concerning adoption of the amended General Terms and Conditions of Brokerage Services Provided
More information(Informal Translation) Chapter One. General Provisions. 1- The deposit of securities with the Company or with any licensed entity;
CAPITAL MARKET AUTHORITY (Informal Translation) Central Securities Depository and Registry Law No. 93 of 2000 Chapter One General Provisions Article 1 In this Law, the Company means a company licensed
More informationMcGowanGroup Asset Management, Inc. 200 Crescent Court, Suite #657 Dallas, TX 75201. Firm Contact: Bobby D. Boyce, Chief Compliance Officer
Item 1: Cover Page for Part 2A Appendix 1 of Form ADV: Wrap Fee Program Brochure March 2013 McGowanGroup Asset Management, Inc. 200 Crescent Court, Suite #657 Dallas, TX 75201 Firm Contact: Bobby D. Boyce,
More informationAPPLICATION FOR AFFILIATION TO THE ASSOCIATION ROMANDE DES INTERMÉDIAIRES FINANCIERS (ARIF) (DIRECTIVE 1)
APPLICATION FOR AFFILIATION TO THE ASSOCIATION ROMANDE DES INTERMÉDIAIRES FINANCIERS (ARIF) (DIRECTIVE 1) February 2013 Please print and complete the present document fully in printing characters, tick
More informationCode of Ethics. I. Definitions
Code of Ethics Old North State Trust, LLC (the Company ) has adopted this Code of Ethics in recognition of the principle that all Supervised Persons (as defined below) of the Company have a fiduciary duty
More informationThe Mortgage Brokerages and Mortgage Administrators Act
MORTGAGE BROKERAGES AND 1 The Mortgage Brokerages and Mortgage Administrators Act being Chapter M-20.1* of The Statutes of Saskatchewan, 2007 (effective October 1, 2010), as amended by the Statutes of
More information.ainsurance. Luxembourg Law
.ainsurance Luxembourg Law May 2009 Table of contents 1. The insurance business in Luxembourg: the statutory framework...3 2. The Luxembourg Insurance Supervisory Authority (Commissariat aux Assurances)...3
More informationInternal Code of Conduct on Matters Relating to the Stock Market and Policy on the Use of Relevant Information
Internal Code of Conduct on Matters Relating to the Stock Market and Policy on the Use of Relevant Information 1. Objective This "Internal Code of Conduct on Matters Relating to the Stock Market and Policy
More informationUnofficial English translation
Annex 3.0. GENERAL DESCRIPTION OF THE TAX ASPECTS OF THE X/N SETTLEMENT SYSTEM Taxation rules for the operation of the settlement system mentioned in Article 1 (1) of the Law of 6 August 1993 on transactions
More informationUBS AG ANNOUNCEMENT. Proposed Issue of 15,000,000 European Style Index Put Warrants relating to the Hang Seng Index
UBS AG (Incorporated with limited liability in Switzerland) ANNOUNCEMENT Proposed Issue of 15,000,000 European Style Index Put Warrants relating to the Hang Seng Index Introduction UBS AG (the Issuer )
More informationJULIUS BAER PRECIOUS METALS
Non-official translation from the German original text. The latter shall prevail. JULIUS BAER PRECIOUS METALS Umbrella fund under Swiss law in the category Other funds for traditional investments ( the
More informationWeb. Chapter FINANCIAL INSTITUTIONS AND MARKETS
FINANCIAL INSTITUTIONS AND MARKETS T Chapter Summary Chapter Web he Web Chapter provides an overview of the various financial institutions and markets that serve managers of firms and investors who invest
More informationARTICLES OF INCORPORATION. Miba Aktiengesellschaft. I. General provisions. Section 1 Name and seat of the company
ARTICLES OF INCORPORATION of Miba Aktiengesellschaft I. General provisions Section 1 Name and seat of the company (1) The name of the company is Miba Aktiengesellschaft (2) The company is based in Laakirchen,
More informationPOLICY STATEMENT Q-22
POLICY STATEMENT Q-22 DISCLOSURE DOCUMENT FOR COMMODITY FUTURES CONTRACTS, FOR OPTIONS TRADED ON A RECOGNIZED MARKET AND FOR EXCHANGE-TRADED COMMODITY FUTURES OPTIONS 1. In the case of commodity futures
More information