Dealings between a client and a stock broker (trading members included)

Client registration requirements ensure brokers obtain mandatory agreements, KYC, RDD and specified consents before trading begins.

Stock brokers must register clients via a Member Client Agreement and KYC including a Risk Disclosure Document, disclose mandatory policies on order refusal, exposure limits, brokerage, penalties, sale/close out rights, netting shortages and account suspension, and ensure non mandatory clauses do not conflict with mandatory terms. Running account authorisation requires client only signed annual renewal, revocability, defined retention for margin, periodic settlement with explanatory statements and prompt transfer on request. Electronic contract notes require client signed authorisation and client controlled email. Brokers must provide executed document copies, secure online access, and annual hard copy balance statements.