Document ID: chunk:federal_register_of_legislation:F2024C01109:front:0:p16
Version: federal_register_of_legislation:F2024C01109
Segment Type: other
Provision Reference: 
Character Range: 41532–44358

and corporations related to, associated with or affiliated with the Client or otherwise financially dependent upon the Client.

2.2.3 Persons involved in the business—Good fame and character requirement
(1) A Market Participant must ensure that any Employee or other person who is or will be involved in the business of the Market Participant in connection with that Market and, in the case of a body corporate, each director or Controller, is of good fame and character and high business integrity having regard to subrule (2).
(2) In assessing whether a person is of good fame and character and high business integrity for the purpose of subrule (1):
(a)        a person will not be of good fame and character if he or she is disqualified from managing a corporation under the Corporations Act or under the law of another country, or is an insolvent under administration or its equivalent in another country; and
(b)       a person may not be of good fame and character or high business integrity if the person has been:
(i)         convicted of any offence;
(ii)       disciplined by or adversely mentioned in a report made by, or at the request of, any government or governmental authority or agency;
(iii)     adversely mentioned in a report made by, or at the request of, a Market operator, a Clearing Facility, a Settlement Facility or any other exchange, market operator or clearing and settlement facility; or
(iv)      disciplined by a Market operator, a Clearing Facility, a Settlement Facility or any other exchange, market operator or clearing and settlement facility.
Note: Market operators are subject to an equivalent rule (see: Part 4.4).

2.2.4 Order records and accounting records

(1) Client Orders

A Market Participant, other than a Principal Trader, must maintain internal records of instructions received from Clients and trades executed for Clients for a period of not less than five years from the date of the trade, containing the following information:
(a)        the nature of the instructions received, including information about: the commodity, the name of the Market, delivery Month, buy or sell, number of lots and price/limit;
(b)       the Client name/account number and Client ID;
(c)        the person who gave the instructions;
(d)       the time and date of receipt of the instructions, and the person who received the instructions;
(e)        the time and date of transmission of the instructions, and the person who transmitted the instructions; and
(f)        the time and date of execution of the instructions, the Market those instructions were executed on, and the person who executed the instructions.

(2) Proprietary Orders

A Market Participant must maintain records of its Representatives' trading for a House Account for a period of not less than five years from the date of