Singapore legislation
Regulation 40
of Securities and Futures (Licensing and Conduct of Business) Regulations
Regulation 40
Provision of statement of account to customers
Subregulation 1
The holder of a capital markets services licence shall on a monthly basis furnish to each customer a statement of account containing the particulars referred to in paragraph (2).
Subregulation 1A
Paragraph (1) shall not apply to the holder where —
there is no change to any of those particulars since the date on which the last statement of account was made up to; or
the customer is an accredited investor, an expert investor or an institutional investor, or a related corporation of the holder, and —
the holder has made available to the customer, on a real-time basis, those particulars in the form of electronic records stored on an electronic facility and the customer has consented to those particulars being made available to him in this manner; or
the customer has requested, in writing, not to receive the statement of account on a monthly basis from the holder.
Subregulation 1B
Despite paragraph (1A), where the holder of a capital markets services licence receives a request from a customer for a statement of account mentioned in paragraph (1), the holder must provide the customer with the statement as soon as practicable.
Subregulation 2
The statement of account referred to in paragraphs (1) and (1B) shall contain, where applicable, the following particulars:
transactions to purchase or sell securities or units in a collective investment scheme entered into by the customer and the price at which the transactions are entered into;
a list of derivatives contracts entered into by the customer and spot foreign exchange contracts for the purposes of leveraged foreign exchange trading entered into by the customer that are outstanding and have not been liquidated, the prices at which such contracts were acquired, and the net unrealised profits or losses of the customer in all such contracts marked to the market;
the status of every asset in the holder’s custody held for the customer, including any asset deposited with a third party that is used for the lending of specified products under regulation 33 or held as collateral under regulation 34;
the movement of every asset of the customer, the date of and reasons for such movement, and the amount of the asset involved; (e)the movement and balance of money received on account of the customer within the meaning of regulation 15(2); and
a detailed account of all financial charges and credits to the customer’s account during the monthly statement period, unless the detailed account of financial charges and credits has been included in any contract note or tax invoice issued by the holder to the customer.
Subregulation 3
Subject to paragraphs (4), (5) and (6), the holder of a capital markets services licence shall furnish to each customer, at the end of every quarter of a calendar year, a statement of account containing, where applicable, the assets, derivatives contracts of the customer and spot foreign exchange contracts for the purposes of leveraged foreign exchange trading of the customer that are outstanding and have not been liquidated and cash balances (if any) of the customer as at the end of that quarter.
Subregulation 4
Paragraph (3) shall not apply to the holder of a capital markets services licence where —
such particulars have been furnished to the customer by the holder in accordance with paragraph (1) for the last month of that quarter; or
the holder is exempted from complying with paragraph (1) by virtue of the application of paragraph (1A)(b).
Subregulation 5
Paragraphs (1) and (3) do not apply to a holder of a capital markets services licence for dealing in capital markets products that is a member of an approved clearing house, if the statements of account mentioned in those paragraphs are furnished to the customer by the approved clearing house or a Depository within the meaning of section 81SF of the Act.
Subregulation 6
Paragraphs (1) and (3) do not apply to a holder of a capital markets services licence for dealing in capital markets products all the customers of which are institutional investors, if the holder performs periodic reconciliation, between the holder’s records and its customers’ records, in respect of its customers’ transactions and positions in capital markets products.
Subregulation 7
In this regulation —
a derivatives contract has not been liquidated if —
the derivatives contract has not been set off against any other transaction;
any underlying thing of the derivatives contract has not been delivered;
the derivatives contract has not been settled in accordance with the business rules or practices of an organised market or clearing facility; and
the derivatives contract has not been substituted with a cash commodity; and
a spot foreign exchange contract for the purposes of leveraged foreign exchange trading has not been liquidated if —
the spot foreign exchange contract for the purposes of leveraged foreign exchange trading has not been set off against any other transaction;
the currency of the spot foreign exchange contract for the purposes of leveraged foreign exchange trading has not been delivered;
the spot foreign exchange contract for the purposes of leveraged foreign exchange trading has not been settled in accordance with the business rules or practices of an organised market or clearing facility; and
the spot foreign exchange contract for the purposes of leveraged foreign exchange trading has not been substituted with a futures contract.