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Article NO. Content

Title:

Guidelines Governing the Creation of Customer Ledgers of Securities Firms' Settlement Accounts  CH

Amended Date: 2020.05.27 (Articles 2, 12, 15, 22 amended,English version coming soon)
Current English version amended on 2017.12.25 
Categories: Market Supervision > Regulation of Securities Firms
Article 11     A securities firm that retains customers' funds in the Settlement Account with customers' consent shall establish an effective internal control system and, upon confirmation of the legal compliance supervisor and audit supervisor, present said system to the board of directors for approval.
    The above-mentioned internal control system shall specify the responsible departments of the securities firm, procedures whereby the securities firm ceases to retain customers' settlement funds and resumes retention, transfer of sources of customers' funds, term of settlement and payment of interest, the handling of management fees and taxes, management of customers' receipts and payments and debits and credits (including review and operating procedures for payment, deposit and and reclaim of funds for customers, Settlement Account risk control procedures,and review and operating procedures for agreement and amendment with respect to the Customer Savings Account), notification and audit mechanism regarding customers' reclaim of funds, records required to be retained of customers' enquiries about their funds, premature termination of contract by customers, account management and data transmission regarding receipt and payment of funds, and other matters required by the competent authority to be included.