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In what ways does fair dealing manifest itself?

帮考网校 2020-05-18 10:43:16

In what ways does fair dealing manifest itself?

Fair dealing:Fair != Equal

Fairly: Not to discriminate against any clients when disseminating recommendations or taking investment action. (不能歧视性对待客户

Equally: Not required to treat all clients exactly the same, e.g. reach all clients exactly the same time, by e‐mail or telephone. (无需对客户完全一样)

Premium level service is okay, if not disadvantage or negatively affect other clients. Should be disclosed to clients and available to everyone (should not be selective). (可以对客户进行分级,如VIP等,但必须披露并使所有客户均有机会)

Trade: equitable system, pro rata on order size, not on account size. (超募时不能按“account size”应按“order size”)

If clients place orders contrary to, or have acted on, been affected by earlier recommendation, should notify them updated recommendation. So a list of clients and holdings of securities of clients should be needed. (客户交易与推荐相反,要提醒)

When making investments in new offerings or in secondary financings, should distribute the issues to all customers who are suitable for the investment and consistent with the policies of allocating blocks of stock.

If the issue is oversubscribed, should be prorated to all subscribers.

should be taken on a round-lot basis to avoid odd-lot distributions.(有时要凑整数而给部分客户多一些是可以的)

if the issue is oversubscribed, should forgo any sales to themselves or immediate families in order to free up additional shares for clients.

If the investment professional’s family member accounts are managed similarly to the accounts of other clients of the firm, these accounts should not be excluded from buying such shares. (家庭账户要作为一般客户对待,前提是家庭不住一起且正常缴费)

Must make every effort to treat all individual and institutional clients in a fair and impartial manner. (对机构客户和普通客户要一视同仁)

Disclose to clients and prospective clients the documented allocation procedures in place and how the procedures would affect them.

Should not take advantage of their position to the detriment of clients.

Simultaneous dissemination

Should not give favored clients info when such action may disadvantage other clients. (不能因为关系好,就先将信息提供给某部分客户)

Discuss with some clients after email dissemination, okay. (邮件都发出后和个别客户讨论是可以的)

Disclosure of inequitable allocation methods does not relieve of the obligation. Trade allocation procedures must be fair and equitable.(不合理的分配方式,即使披露也不能免责)


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