Before commencing dealings on behalf of a Customer, a Member must:
- Enter into a customer agreement with that Customer in a form that complies with
the minimum requirements specified by the Exchange
- Provide to the Customer a risk disclosure statement, in a form that complies with
the minimum requirements specified by the Exchange and the Act, and receive from
the Customer an acknowledgement in writing, that the Customer has read and understood
this statement.
- Ensure that each of its Nominated Representatives, complies with the customer due
diligence principles prescribed by the Act , the MAS and the Rules of the Exchange
- Obtain such documents and information as the Exchange may prescribe from time to
time in accordance with the Act and the Rules of the Exchange to ensure that the
Customer's identity and the source of funds to be used by the Customer for trading
are established by the Member
- Notify the Customer of all limitations of liability and immunities available to
the Exchange.
- Provide any further documents and information as the Exchange may prescribe from
time to time so as to ensure ongoing compliance by the Member with the Act, and
the Rules of the Exchange.
Upon commencing dealings on behalf of a Customer, a Member must:
- Maintain records of the information or documents obtained under the Rules that will
sufficiently explain the transactions and financial position of its business for
a period of not less than 5 years
- ensure that each of its Nominated Representatives, acts on behalf of a Customer
in accordance with the instructions of that Customer (or a person duly authorised
in writing by that Customer)
- Ensure that each of its Nominated Representatives, enters orders into the Exchange
Automated Trading System (ATS) as soon as they are received and in the order in
which they are received (unless it can demonstrate to the satisfaction of the Exchange
that the Customer instructed it in writing not to enter the specified orders in
the order of receipt)
- Ensure that each of its Nominated Representatives notifies the Customer once the
Customer's order has been executed or provides the Customer with an update of the
outcome if the order has not been executed;
- Issue a Contract note that conforms with all the requirements under the Act, to
the Customer not later than the Business Day following the trade execution (T+1)
- If an order or an amendment to an order is not entered immediately into the ATS,
record the order or amendment on an Order Form. ("Order Form" in this context, refers
to an order form that is dated, time-stamped and contains information required under
the Act and prescribed by the Exchange)
- Provide each of its Customers with all such information, guidance and training and
in such a manner as may be prescribed by the Exchange from time to time.
- Produce, as and when demanded by the Exchange, copies of any Customer's statement
of account or Contract note or Order Form and any other relevant documents for the
Exchange's inspection.
- Provide each of its Customers with a monthly statement of account or any other relevant
documents as may be required by the Act.