28. (1) Each registrant that is a dealer, commodity trading counsel or commodity trading manager shall, before accepting the account of a customer, make enquiries that, (a) will enable the registrant to establish the identity of the customer and, where appropriate, (i) the credit worthiness of the customer, in accordance with guidelines established by the registrant, and (ii) the reputation of the customer, if information known to the registrant causes doubt whether the customer is of good reputation; and (b) will enable the registrant to assess the suitability of trading by the customer in view of the markets in which the customer intends to trade, the scale of trading the customer intends to undertake, and the general financial needs and objectives of the customer.  R.R.O. 1990, Reg. 90, s. 28 (1). (2) Every dealer, commodity trading counsel and commodity trading manager shall, as frequently as is appropriate in view of the particular financial circumstances of the customer, obtain, by direct enquiry of the customer or by other means, information enabling the dealer, counsel or manager to determine whether the assessment under clause (1) (b) of the suitability of trading by the customer continues to be accurate.  R.R.O. 1990, Reg. 90, s. 28 (2). (3) Clause (1) (b) and subsection (2) do not apply to a dealer who effects a trade on the instructions of a commodity trading manager, another dealer, an adviser registered under the Securities Act, or a financial institution.  R.R.O. 1990, Reg. 90, s. 28 (3). (4) For the purposes of complying with the requirements of subsection (1) as to obtaining appropriate information concerning new customers, use of such form as is published by the Commission in this respect is sufficient, but other forms or procedures may be used where they are more appropriate.  R.R.O. 1990, Reg. 90, s. 28 (4). (5) Despite subsections (1) and (3), where an account is opened and traded by a commodity trading counsel or commodity trading manager on behalf of a customer or customers, (a) where the commodity trading counsel or commodity trading manager executes orders in his, her or its own name or identifies his, her or its customer or customers by means of a code or symbols the dealer must satisfy itself as to the credit worthiness of the commodity trading counsel or commodity trading manager but shall not otherwise have any responsibility for the suitability of trading for the customer or customers of the commodity trading counsel or commodity trading manager; and (b) where the commodity trading counsel or commodity trading manager executes orders in the name of his, her or its customer with no agreement that payment of the account is guaranteed by the commodity trading counsel or commodity trading manager the dealer shall, (i) obtain full information concerning the customer with a view to determining the credit worthiness of the customer, (ii) obtain a letter of undertaking from the commodity trading counsel or commodity trading manager which letter shall refer to at least the familiarity of such commodity trading counsel or commodity trading manager with applicable rules of account supervision and which letter shall contain at least a covenant to make the investigation contemplated by such rules and to advise, where known, if the customer is, (A) a
partner, officer, director, employee or security holder of a dealer, (B) an associate of the individuals referred to in sub-subclause (A), or (C) an affiliate of a dealer, but the dealer shall not have responsibility for determining the suitability of any trade for the customer.  R.R.O. 1990, Reg. 90, s. 28 (5).