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).