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Derivatives investor money

    The Company complies with the new requirements for the handling of Derivatives Investor Money.

    "These include:

  • holding derivatives investor money on trust for the investor,
  • ensuring that derivatives investor money is paid promptly into a specified bank to a trust account,
  • derivatives investor money must be held separate from money held by or for the issuer or offeror on its own account,
  • at least daily, reconciling the derivatives issuer’s records of the amount of derivatives investor money with the amount of money in the trust account,
  • derivatives investor money must not be used to satisfy any liability of a derivatives issuer,
  • keeping and maintain up to date records of derivatives investor money for each investor,
  • obtaining an assurance report, within 4 months after the issuer’s balance date, that states whether, in the auditor’s opinion, the derivatives issuer’s processes, procedures and controls were suitably designed and operated effectively during the accounting period."
In addition to the information published above, the Financial Markets Conduct Regulations 2014 provides for:
1. The payment of investors’ money into a trust account .
2. That investors money is held separately from money held by or for the derivatives issuer, the offeror and any person who holds the money.
3. That investors’ money ceases to be held on trust and maybe withdrawn from the trust account only if the money:
a. is repaid to the investor:
b. is used in the settlement of the derivative with the investor:
c. is used to acquire a derivative with the issuer in accordance with the investor’s express instructions:
d. is used to meet obligations relating to exchange-traded derivatives, but only
I. the client agreement authorises the money to be used in that way; and
II. the derivatives issuer is satisfied that the person who receives the money is a hedging counterparty or is subject, in respect of the money, to obligations that are the same as, or substantially similar to, the obligations in regulations 238 to 250:
4. is used for authorised hedging activities, but—
I. only if the client agreement authorises the money to be used in this way; and
II. only so much of the money may be transferred to a hedging counterparty as is reasonably required for entering into derivatives with the hedging counterparty or for settling or securing those derivatives with the hedging counterparty:
5. is used to pay brokerage or other fees and charges authorised by the client agreement:
6. is paid to a third person in accordance with the investor’s express instructions given after the money is received by the derivatives issuer.