47C. Trading against customer
Feedback & supportLast amended by an amending law of 2018. 2 amendments in all.
The holder of a capital markets services licence to deal in capital markets products shall not knowingly enter into a transaction to buy from or sell to its customer any futures contract for —
the holder’s own account;
an account of a person associated with or connected to it; or
an account in which the holder has an interest,except with the customer’s prior consent and in accordance with the business rules and practices of an approved exchange or recognised market operator.
Any person who contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 12 months or to both.
Subregulation 1
The holder of a capital markets services licence to deal in capital markets products shall not knowingly enter into a transaction to buy from or sell to its customer any futures contract for —
the holder’s own account;
an account of a person associated with or connected to it; or
an account in which the holder has an interest,except with the customer’s prior consent and in accordance with the business rules and practices of an approved exchange or recognised market operator.
Subregulation 2
Any person who contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 12 months or to both.