Document ID: chunk:federal_register_of_legislation:F2024C01108:front:0:p45
Version: federal_register_of_legislation:F2024C01108
Segment Type: other
Provision Reference: 
Character Range: 119734–122717

on a Trading Platform.

3.3.2 Excessive trading
A Market Participant must not enter into Market transactions on a Managed Discretionary Account for a retail client where the size or frequency of the Market transactions may be considered excessive having regard to the investment objectives, financial situation and needs of the client and the relevant markets.

Part 3.4 Reporting to Clients

3.4.1 Confirmations—Form and timing
(1) Subject to Rule 3.4.3, a Market Participant must give a confirmation to a person (the Client) in respect of each Market transaction entered into on the Client's instructions or on the Client's Managed Discretionary Account.
(2) A Market Participant must send to, or cause to be sent to, the Client a confirmation:
 1.         in writing;
(b)       electronically; or
(c)        in another form permitted by ASIC,
as soon as practicable after the Market Participant enters into a Market transaction referred to in subrule (1).
(3) A confirmation given under subrule (1) must meet the following requirements:
 1.         the confirmation must include all of the information required to be included in a confirmation under Division 3 of Part 7.9 of the Corporations Act;
(b)       the confirmation must include a statement that the confirmation is issued subject to:
 1.          the directions, decisions and requirements of the operator of the relevant Market, these Rules, the operating rules of the relevant Market, and, where relevant, the Clearing Rules of the relevant Clearing Facility and the Settlement Rules of the relevant Settlement Facility;
(ii)       the customs and usages of the relevant Market; and
(iii)     the correction of errors and omissions,

        unless the Market Participant has obtained and retained an acknowledgment from the Client that the conditions set out in subparagraphs (i), (ii) and (iii) apply to the issue of confirmations to that Client;

(c)        if the Market transaction is to be cleared or settled by another party which is a Clearing Participant or Settlement Agent, the confirmation must include the name of the Market Participant which executed the trade, where relevant, the Clearing Participant which clears it and where relevant, the Settlement Agent which settles it;

(d)       the confirmation must state the time by which all documents and information which the Market Participant or Clearing Participant or where relevant, the Settlement Agent will require to settle the Market transaction must be provided by the Client:

 1.          in the case of a sale of Cash Market Products, the date by which the Client must provide all documents and security holder information (including, if applicable, the relevant holder identification number or personal identification number and/or shareholder reference number) required by the Relevant Clearing Participant to meet its Clearing Obligations and where relevant the Relevant Settlement Participant to meet its Settlement Obligations; and

(ii)