ASIC Market Integrity Rules (ASX Market) 2010 - LexisNexis

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LexisNexis ASIC Market Integrity Rules (ASX Market) 2010Part 3.4 Reporting to Clients3.4.1 Confirmations—Form and timing(1) Subject to Rule 3.4.3, a Market Participant must give a confirmation to a person (the“Client”) in respect of each Market Transaction entered into on the Client’s instructions oron the Client’s Managed Discretionary Account.(2) The Market Participant must send to, or cause to be sent to, the Client a confirmation:(a)(b)(c)in writing;electronically; orin another form permitted by ASIC,as soon as practicable after the Market Participant enters into the Market Transaction.(3) The confirmation must meet the following requirements:(a)(b)the confirmation must include all of the information required to be included in aconfirmation under Division 3 of Part 7.9 of the Corporations Act;the confirmation must include a statement that the confirmation is issued subject to:(i)(ii)the directions, decisions and requirements of the Market Operator, these Rules, theMarket Operating Rules, the Clearing Rules and where relevant, the SettlementRules;the customs and usages of the Market; and(iii) the correction of errors and omissions,(c)(d)unless the Market Participant has obtained and retained an acknowledgment from theClient that the conditions set out in subparagraphs (i), (ii) and (iii) apply to the issue ofconfirmations to that Client;if the Market Transaction is to be cleared by another party which is a ClearingParticipant, the confirmation must include the name of the Market Participant whichexecuted the trade and the Clearing Participant which clears it;the confirmation must state the time by which all documents and information which theMarket Participant or Clearing Participant will require to settle the Market Transactionmust be provided by the Client:(i)(ii)in the case of a sale of Cash Market Products, the date by which the Client mustprovide all documents and security holder information (including, if applicable, therelevant holder identification number or personal identification number and/orshareholder reference number) required by the relevant Clearing Participant tomeet its Clearing Obligations; andif applicable, the date by which the Client must provide the consideration specifiedin the confirmation; and(iii) if applicable, the date by which the net consideration to the Client falls due;Copyright Australian Securities and Investments Commission. Reproduced with permission.
LexisNexis ASIC Market Integrity Rules (ASX Market) 2010(e)(f)(g)(h)the confirmation must state the amount of money which the Client must pay, or whichthe Client will receive, on settlement of the Market Transaction and, if the Client isrequired to pay an amount of money, the time by which that money must be paid;where the Market Transaction involved a Crossing, the confirmation must include astatement to that effect;the confirmation must include any disclosure required under Rule 3.2.3; andif the confirmation is a confirmation in respect of:(i)(ii)a Conditional Sale of a Cash Market Product and the corresponding confirmation inrespect of the conditional purchase of the relevant Cash Market Product; orthe entry into of an Options Market Contract over a Cash Market Product which is,at the time, traded on a conditional basis,the confirmation must be endorsed as conditional and state the condition and the effectof non-fulfilment of the condition.Maximum penalty: $100,0003.4.2 Confirmations—accumulation and price averagingIf a Market Participant is required by Rule 3.4.1 to give a confirmation to a person (the“Client”) and the Market Participant enters into multiple Market Transactions for thepurpose of completing the Client’s order, the Market Participant may accumulate thoseMarket Transactions on a single confirmation and specify the volume weighted average pricefor those Market Transactions provided that:(a)(b)the Client authorised in writing the accumulation and price averaging of 2 or moreMarket Transactions in a confirmation at or before the time the order was placed; andif requested by the Client, the Market Participant gives to the Client a statement of allthe individual prices of the Cash Market Products or Derivatives Market Contracts, asapplicable, which are accumulated and averaged under this Rule.Maximum penalty: $20,0003.4.3 Confirmations—clients other than Retail Clients(1) A Market Participant is not required to comply with Rule 3.4.1 in respect of a client thatis not a Retail Client, provided the Market Participant has notified the client before enteringa Trading Message on the client’s behalf that Market Transactions effected for the client aresubject to:(a)(b)(c)the directions, decisions and requirements of the Market Operator, these Rules, theMarket Operating Rules, the Clearing Rules and where relevant, the Settlement Rules;the customs and usages of the Market; andthe correction of errors and omissions.Copyright Australian Securities and Investments Commission. Reproduced with permission.
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ASIC Market Integrity Rules (ASX Market) 2010 - LexisNexis

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