• INMA Part 9A.1 INMA Part 9A.1 Reporting to customers

    • INMA 9A.1.1 Confirmation notes — provision requirement

      (1) If an INMA firm executes a transaction in relation to a relevant investment for a customer, it must promptly give the customer a written confirmation note recording the essential details of the transaction.
      (2) This rule is subject to rule 9A.1.5.
      Inserted by QFCRA RM/2019-4 (as from 1st January 2020).

    • INMA 9A.1.2 Confirmation notes — omission of information

      (1) If:
      (a) a person fails to give an INMA firm information that the firm needs for inclusion in a confirmation note for a transaction in relation to a relevant investment for a customer; or
      (b) the transaction executed by an INMA firm in relation to a relevant investment for a customer involves a conversion of a currency into another currency and the firm has not made the conversion;
      the firm may omit the information from the confirmation note if its omission is indicated by a statement to the effect that it will be supplied later or that it cannot be supplied.
      (2) If the INMA firm gets the information later, the firm must promptly give the information to the customer.
      Inserted by QFCRA RM/2019-4 (as from 1st January 2020).

    • INMA 9A.1.3 Confirmation notes — when transaction taken to be executed

      (1) If an INMA firm executes a transaction that requires a confirmation note and the execution is outside normal market hours, the transaction is taken to be executed on the next business day.
      (2) If an INMA firm executes a series of transactions, all the transactions may be taken to be executed at the time the last transaction is executed if a record of the time that each individual transaction is executed is made (for example, by means of a time stamp).
      (3) If:
      (a) an INMA firm aggregates a transaction for a customer order (the aggregation) with an own account transaction or a transaction for another customer order; and
      (b) the firm then allocates the relevant investment under rule 9B.1.9 (Aggregation of customer orders — allocation); the aggregation is taken to have been executed at the time of allocation.
      Inserted by QFCRA RM/2019-4 (as from 1st January 2020).

    • INMA 9A.1.4 Confirmation notes — content

      A confirmation note for a transaction must include the information about the transaction required by Schedule 2.

      Inserted by QFCRA RM/2019-4 (as from 1st January 2020).

    • INMA 9A.1.5 Confirmation notes — provision requirement exemption

      (1) An INMA firm is not required to give a confirmation note to a customer for a transaction in any of the following cases:
      (a) the customer has told the firm (in writing, if the customer is a retail customer) that the customer does not wish to receive confirmation notes at all or confirmation notes for the transaction or transactions of that kind;
      (b) an arrangement is in place for the customer to make a series of payments for the purchase of units in a collective investment scheme and the transaction is part of that series;
      (c) each of the following applies to the transaction:
      (i) the firm is acting as an investment manager for the customer in relation to the transaction;
      (ii) the transaction is not a contingent liability transaction;
      (iii) the firm has taken reasonable steps to ensure that the customer does not wish to receive confirmation notes at all or confirmation notes for the transaction or transactions of that kind;
      (d) it would duplicate information al given, or to be given promptly, by another person that confirms all the essential details of the transaction (other than details relating only to the firm).
      (2) If an INMA firm relies on subrule (1) (a) or (c) in relation to the transaction, the firm must give the customer a periodic statement under rule 9A.1.7 that contains information that:
      (a) would otherwise have been required to be included in a confirmation note given by the firm to the customer for the transaction; and
      (b) is still relevant when the periodic statement is given to the customer.
      Inserted by QFCRA RM/2019-4 (as from 1st January 2020).

    • INMA 9A.1.6 Confirmation notes — recordkeeping

      An INMA firm must keep a copy of each confirmation note given to a customer for at least 6 years after the day it is given to the customer.

      Inserted by QFCRA RM/2019-4 (as from 1st January 2020).

    • INMA 9A.1.7 Periodic statements — provision requirement

      (1) If an INMA firm:
      (a) acts as an investment manager for a customer; or
      (b) operates a customer's account containing relevant investments; it must promptly, and at the intervals required by rule 9A.1.8, give the customer a written statement (a periodic statement).
      (2) The periodic statement must include the information required by:
      (a) Schedule 3, Part S3.1;
      (b) if during the period covered by the statement the firm acted as an investment manager for the customer — Schedule 3, Part S3.2;
      (c) if the statement covers a contingent liability transaction — Schedule 3, Part S3.3; and
      (d) if the statement covers a transaction relating to a structured capital at risk investment — Schedule 3, Part S3.4.
      (3) This rule is subject to rule 9A.1.9.
      Inserted by QFCRA RM/2019-4 (as from 1st January 2020).

    • INMA 9A.1.8 Periodic statements — intervals

      An INMA firm must give a customer a periodic statement at intervals no longer than:

      (a) 6-monthly;
      (b) if the customer is a retail customer and the customer's portfolio includes an uncovered open position resulting from a contingent liability transaction — monthly; or
      (c) if the customer has, on the customer's own initiative, agreed on another interval with the firm — the agreed interval or annually, whichever is shorter.
      Inserted by QFCRA RM/2019-4 (as from 1st January 2020).

    • INMA 9A.1.9 Periodic statements — provision requirement exemption

      An INMA firm need not give a customer a periodic statement if it would duplicate information al given, or to be given promptly, by another person.

      Inserted by QFCRA RM/2019-4 (as from 1st January 2020).

    • INMA 9A.1.10 Periodic statements — recordkeeping

      An INMA firm must keep a copy of each periodic statement given to a customer for at least 6 years after the day it is given to the customer.

      Inserted by QFCRA RM/2019-4 (as from 1st January 2020).