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 already 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).|