Running account authorisation: brokers must treat authorisations as continuing until revoked and disclose this in client statements. Removes the annual renewal requirement for running account authorisation and revises the authorisation to be dated and expressly revocable at any time; brokers must state in periodical account statements that the running account authorisation will continue until revoked by the client. Stock exchanges must notify brokers, publish the circular, and amend bye laws, rules and regulations to implement these changes.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Running account authorisation: brokers must treat authorisations as continuing until revoked and disclose this in client statements.
Removes the annual renewal requirement for running account authorisation and revises the authorisation to be dated and expressly revocable at any time; brokers must state in periodical account statements that the running account authorisation will continue until revoked by the client. Stock exchanges must notify brokers, publish the circular, and amend bye laws, rules and regulations to implement these changes.
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