New Zealand Gazette – 1990 – No. 170

Page 3612

✨ Trading Members Conduct



NEW ZEALAND GAZETTE

No. 170

(n) not act in any way which would adversely affect the goodwill or public image of the Exchange and its Members;

(o) not knowingly transact any business on behalf of:

(i) any director, or employee of, or partner in any other Member; or

(ii) any client in which any such director, employee or partner has an interest, either direct or indirect;

For the purpose of this subclause "employee" shall include persons who as a representative of the Member advise or solicit instructions from persons in relation to trading in futures contracts, option contracts, or similar contracts;

(p) not accept or hold any money or property on behalf of clients and prior to accepting a client so advise the client; provided that the Introducing Broker Member may accept from a client a crossed cheque marked 'not negotiable account payee only' made payable to the 'client account' of the Trading Member or Affiliate Member to which it has introduced the client provided such cheque is either delivered to that Trading Member or Affiliate Member or paid to the credit of the nominated account in respect of which the Trading Member or Affiliate Member to whom the client has been introduced is the sole signatory;

(q) not introduce any client to a Trading Member or Affiliate Member unless the Introducing Broker Member has in force with that Trading Member or Affiliate Member an agreement which includes as a minimum the provisions contained in the Schedule hereto;

(r) cause each client to give to the Trading Member or Affiliate Member appointed by the Introducing Broker Member as the principal broker in respect of that client a written acknowledgement which includes as a minimum the provisions contained in the appropriate form set out in the Schedule hereto, and place all orders on behalf of such client with such Trading Member or Affiliate Member;

(s) notify the Exchange and any Trading Member or Affiliate Member to which it introduces, or proposes to introduce clients, of the existence of any agreement referred to in sub-clause (q) of this clause;

(t) comply with all statutes and regulations for the time being in force relating to dealing in futures or option contracts;

provided that the Board may upon written application by an Introducing Broker Member dispense with, or temporarily postpone, observance by the Introducing Broker Member of any of the above obligations, upon such conditions (if any) as the Board may think fit.

9.2 Failure by an Introducing Broker Member to comply with the provisions of clause 9.1 or otherwise to observe, comply with and act consistently with these Articles or the By-Laws, or the decisions of the Board or its committees, or failure to pay its debts as they fall



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