• INMA Schedule 2 INMA Schedule 2 Content of confirmation notes

    • INMA S2.1 Confirmation notes — general content requirements

      A confirmation note for a transaction by an INMA firm for a customer must include the following information:

      (a) the firm's name and address;
      (b) the firm's regulatory status in a form required by GENE, Part 3.1;
      (c) if the firm executed the transaction as principal or agent — that fact;
      (d) the customer's name (or other means of identification) and account number if any;
      (e) a description of the relevant investment, including the amount invested;
      (f) whether the transaction is a sale or purchase;
      (g) the price or unit price at which the transaction was executed;
      (h) if the transaction involves a conversion of currency — the rate of exchange obtained;
      (i) the date of the transaction;
      (j) either:
      (i) the time of the transaction; or
      (ii) a statement that information about the time of the transaction will be provided on request;
      (k) the total amount payable and the date it is payable;
      (l) the remuneration of the firm and any associate (unless the associate is not obliged to disclose it to the firm because, for example, the firm is its customer) in relation to the transaction;
      (m) the amount of any commission, any mark-up or mark-down, any fees, charges, taxes or duties, or any other costs (however described or applied) unless included in remuneration mentioned in paragraph (k);
      (n) if the transaction involved, or will involve, the purchase of a currency with another currency — the rate of exchange involved or a statement that the rate will be supplied when the currency has been purchased, including if applicable the maturity or expiry date of any currency hedge;
      (o) whether there is a right to cancel the transaction and, if there is a right to cancel, the consequences of exercising the right, and enough details to enable that right to be exercised by a retail customer.
      Inserted by QFCRA RM/2019-4 (as from 1st January 2020).

    • INMA S2.2 Confirmation notes — additional information for derivatives

      A confirmation note relating to a transaction in derivatives for a customer must also include the following information:

      (a) the maturity, delivery or expiry date of the derivative;
      (b) for an option — the last exercise date, whether it can be exercised before maturity and the strike price;
      (c) whether the exercise creates a sale or purchase in the underlying asset;
      (d) if the transaction closes out an open futures position — all essential details required in relation to each contract included in the open position and each contract by which it was closed out, and the profit or loss to the customer from closing out that position;
      (e) on the exercise of an option:
      (i) the date of exercise, and either the time of exercise or that the customer will be notified of the time on request; and
      (ii) the strike price of the option and, if applicable, the total consideration from or to the customer.
      Note For a currency option, the rate of exchange will be the same as the strike price.
      Inserted by QFCRA RM/2019-4 (as from 1st January 2020).

    • INMA S2.3 Confirmation notes — additional information for collective investment schemes

      A confirmation note relating to a transaction in units in a collective investment scheme for a customer must also include the following information:

      (a) if the INMA firm is not the operator and the transaction was executed with the customer by the firm as principal — that fact;
      (b) the name of the scheme and the type and number of units involved;
      (c) the amount of:
      (i) the operator's initial charges (if any) in cash or percentage terms; and
      (ii) any subsequent charges made by the firm to the customer in relation to the transaction and, unless the subsequent charges to the customer are made on the same terms as the operator's initial charges, the basis on which the amount of the subsequent charges was decided;
      (d) whether the transaction was executed on a historic-price or forward-price basis.
      Inserted by QFCRA RM/2019-4 (as from 1st January 2020).