A securities firm using funds from the cash management account for transaction in subject instruments shall, at least three business days prior to each transaction, notify the customer(s) concerned of the projected use of funds, specifying at least the following information, either through a public announcement on a web page or by other means agreed separately with each individual customer, such as via email, fax, or telephone:
The securities firm shall keep a record of the content of the notice given pursuant to the preceding paragraph, and shall in its internal control system establish when to give such a notice, what information is to be included in the notice, and how to preserve the record.
- In the case of an outright transaction, the type of the underlying instrument.
- In the case of a repo transaction, the counterparty and type of the underlying instrument.
- In the case of a fund, the name of the fund.