Financial Markets Conduct Regulations 2014

210 Ongoing reporting for DIMS

(1)

For the purposes of section 426A of the Act, a licensee or an authorised body that provides a DIMS that is a retail service must, in accordance with regulation 212, make available the information specified in subclauses (2) to (4) to each retail investor who uses the service.

(2)

The information is a record of all transactions made by the provider on behalf of the investor under the service during the reporting period, including for each transaction (to the extent applicable)—

(a)

the name of the issuer and the number and class of financial products to which the transaction relates; and

(b)

the price per financial product; and

(c)

the total amount of the transaction; and

(d)

the date of the transaction.

(3)

The information is also the following as at the reporting time:

(a)

the name of each class of financial products in the investor’s portfolio, the name of the issuer of those products, and the number of those products in the investor’s portfolio; and

(b)

the cash held for the investor under the service.

(4)

The information is also the following in respect of the investor’s portfolio:

(a)

all dividends paid, all interest paid, and other distributions or income received during the reporting period:

(b)

all percentage-based charges paid during the reporting period:

(c)

all other charges paid during the reporting period:

(d)

all individual action fees paid during the reporting period:

(e)

other information that the licensee or authorised body reasonably believes the investor needs in order to have a reasonable understanding of any corporate action that affects the investor’s portfolio (for example, bonus issues).

(5)

If the information required under subclause (2), (3), or (4) is made available to an investor by a person (A) on behalf of the licensee or authorised body (for example, by a custodian), the information must be accompanied by a statement to that effect (and the statement must include A’s name and role).

(6)

For the purposes of section 426A of the Act, a licensee or an authorised body that provides a DIMS that is a retail service must, within 5 working days after receiving a request, make available the following requested information to the retail investor who makes the request:

(a)

the current value or the most recent valuation of any of the financial products in the investor’s portfolio and a statement of—

(i)

the basis on which that value is assessed or the valuation is carried out (for example, the value of quoted products is the market price); and

(ii)

the date on which the value is assessed or of the valuation; and

(b)

the total value of the financial products in the investor’s portfolio (based on the values disclosed under paragraph (a)).

(7)

The information under subclause (6) must be made available, free of charge, by giving it to the investor or delivering or sending it to the investor’s address.

(8)

In this regulation and regulations 211 and 212,—

individual action fees has the same meaning as in clause 37 of Schedule 21

other charges has the same meaning as in clause 37 of Schedule 21

percentage-based charges has the same meaning as in clause 37 of Schedule 21

quarter means each 3-month period of a disclosure year (where each quarter ends on the date that the provider determines)

reporting period means,—

(a)

in the case of regulation 212(1)(a), the period starting when this regulation first applies to the licensee or authorised body in respect of the investor and ending at a stated time (the stated time) that is not earlier than 48 hours before the information is made available:

(b)

in the case of regulation 212(1)(b),—

(i)

each of the 4 quarters of a disclosure year; or

(ii)

any period shorter than a quarter of a year that is agreed with the investor

reporting time means,—

(a)

in the case of regulation 212(1)(a), the stated time:

(b)

in the case of regulation 212(1)(b), the end of the reporting period.

(9)

In this regulation and regulations 211 and 212, financial products are of the same class if those financial products have attached to them identical rights, privileges, limitations, and conditions (including, in the case of debt securities, the same redemption date and interest rate).

Regulation 210(1): amended, on 7 June 2018, by regulation 9 of the Financial Markets Conduct Amendment Regulations 2018 (LI 2018/66).

Regulation 210(6): amended, on 7 June 2018, by regulation 9 of the Financial Markets Conduct Amendment Regulations 2018 (LI 2018/66).