(1)

In this regulation:

"order" means an instruction, or a series of instructions, to acquire or dispose of a futures contract.

(2)

Section 1206 of the Act has effect in relation to a futures broker to the extent that the requirements of the section are subject to this regulation.

Sending a contract note electronically

(3)

The requirement of subsection 1206 (1) of the Act that, in respect of a transaction, being the acquisition or disposal of a futures contract, a futures broker give, as soon as practicable, a contract note that complies with subsection 1206 (3), (4) or (5) of the Act to the person on whose behalf the broker entered into the transaction (the client ) is satisfied if, in respect of the transaction, the following conditions are satisfied:

(a)

the client has given to the broker prior authorisation to send any contract note electronically to the client in relation to that transaction or all transactions (or all transactions included in a class in which that transaction is included) entered into on behalf of the client by the broker; and

(b)

the broker sends the contract note electronically to the client in accordance with the authorisation.

Giving a single contract note for multiple transactions

(4)

The requirement of subsection 1206 (1) of the Act that, in respect of a transaction, being the acquisition or disposal of a futures contract, a futures broker give, as soon as practicable, a contract note that complies with subsection 1206 (3) of the Act to the person on whose behalf the broker entered into the transaction (the client ) is satisfied if, in respect of the transaction, the following conditions are satisfied:

(a)

the broker is a member of a futures exchange;

(b)

the transaction takes place in accordance with the business rules of the futures exchange;

(c)

the transaction forms part of a series of transactions made to complete an order placed with a broker;

(d)

the client has given to the broker, in relation to that order or all orders (or all orders included in a class in which that order is included) placed with a broker by the client, prior authorisation to give to the client a single contract note in respect of a series of transactions carried out under the order instead of an individual contract note in respect of each transaction in the series;

(e)

the broker gives to the client a single contract note in respect of a series of transactions in which the transaction is included that:

(i)

is in accordance with the authorisation; and

(ii)

subject to subregulation (5), complies with subsection 1206 (3) of the Act;

(f)

the contract note is given:

(i)

before the end of the business day on which that series of transactions was carried out; or

(ii)

otherwise as permitted by the business rules of the futures exchange.

Price averaging

(5)

The requirement of subparagraph 1206 (3) (d) (i) and sub-subparagraph 1206

(3)

(d) (ii) (B) of the Act that a contract note in respect of a transaction, being the acquisition or disposal of a futures contract, given to a person (the client ) by a futures broker include a statement of the contract price is satisfied if the following conditions are satisfied:

(a)

the broker is a member of a futures exchange;

(b)

the transaction takes place in accordance with the business rules of the futures exchange;

(c)

the transaction forms part of a series of transactions made to complete an order placed with a broker;

(d)

the client has, in accordance with the business rules of the futures exchange, given to the broker, in relation to that order or all orders (or all orders included in a class in which that order is included) placed with a broker by the client, prior authorisation to give to the client a single contract note in respect of the series of transactions that specifies the average contract price of the futures contracts acquired or disposed of in the series of transactions, instead of an individual contract note in respect of each transaction in the series that specifies the contract price of the futures contract acquired or disposed of in the transaction to which each contract note relates;

(e)

the broker gives the contract note to the client in accordance with the authorisation;

(f)

unless otherwise provided by the business rules of the futures exchange, the broker, if requested to do so by the client, gives to the client a document that includes a statement of the contract price of each futures contract acquired or disposed of in each transaction in the series.

Authorisations

(6)

For this regulation, an authorisation given by a person to a broker:

(a)

must be given orally, or in writing, by the person; and

(b)

is effective until it is revoked, either orally or in writing, by the person.

(7)

If a person gives an oral authorisation to a broker, or revokes an authorisation orally, the broker must:

(a)

make a written record of the authorisation or revocation; and

(b)

send a copy of the written record to the person.