COBS: Reporting Flashcards
who do transaction confirmations apply to
all clients (retail, PC and ECP)
purpose of transaction confirmations
ensure clients are advised of the essential details of a transaction
what are the two requirements when confirming a transaction
in a durable medium
no later than the next business day
what are the exceptions for transaction confirmation
for MiFID business - no exceptions
for non MiFID business - if requested by the client
what does the FCA call transaction confirmations
occasional reports
some key things which need to be included in trade confirmation
firms identification
name/designation of the client
trading day and time
type of order
venue and instrument ID
buy or sell
quantity, price and total consideration
total commission and expenses
clients responsibilities for settlement
who do periodic statements apply to
all clients (RC PC ECP)
how often are periodic statements generally sent out
every three months
how often are periodic statements sent out when it involves derivatives
every months
what type of information does periodic statement include
total fees and charges
total dividends and interest
what is a depreciation notice and when does it need to be provided
when a clients portfolio falls 10% or more since the last valuation, a PM must provide a depreciation notice
what happens if a retail clients derivative position move against the client beyond a pre specified limit
firm must notify the client by the end of the business day on which the breach occured
