Regulations for all Capital Markets Services
Exemption from the requirement for CMS licence holders to send monthly/quarterly statement of accounts to customers
On the monthly statements, CMS licence holders are not required to send monthly statements to customers if there is no change to the particulars (as specified in Regulation 40(2) of the SF(LCB)R) since the date the last statement was made up to. This means that as long as there is a change to the particulars, the CMS licence holders will have to send the monthly statements, unless they fall within the exemption described in Q54.
On the quarterly statements, CMS licence holders need to send quarterly statements to customers as long as there are assets, positions in derivatives contracts and spot foreign exchange contracts for the purposes of leveraged foreign exchange trading or cash balances in the customers’ accounts at the end of the quarter, regardless of whether there has been any change in these particulars, unless they fall within the exemption described in Q64, or the particulars are already reflected in the monthly statement for the last month of that quarter.