Direct Market Access rules require institutional authorisations, broker safeguards, and audit trails to identify ultimate clients. Institutional investors may authorise investment managers to use Direct Market Access subject to written agreements or undertakings that allocate responsibility to the institution; investment managers may execute documents on the institution's behalf. Broker client agreements must identify the investment manager, specify its role and regulatory status, and contain safeguards to limit DMA use to authorised clients. Exchanges and brokers must maintain audit trails to establish ultimate client identity, and exchanges may adopt additional safeguards as necessary.
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.
Direct Market Access rules require institutional authorisations, broker safeguards, and audit trails to identify ultimate clients.
Institutional investors may authorise investment managers to use Direct Market Access subject to written agreements or undertakings that allocate responsibility to the institution; investment managers may execute documents on the institution's behalf. Broker client agreements must identify the investment manager, specify its role and regulatory status, and contain safeguards to limit DMA use to authorised clients. Exchanges and brokers must maintain audit trails to establish ultimate client identity, and exchanges may adopt additional safeguards as necessary.
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