ADVOKS GLOBAL · KENYA
The Capital Markets (Conduct of Business) (Market Intermediaries) Regulations
14. Contract notes
Edition: 2022-12-31 · In force
14. Contract notes
(1)A market intermediary shall, in respect of every contract for the purchase or sale of securities it has entered into, not later than the end of the next trading day after the contract was entered into, make out a contract note which complies with paragraph (2) and where the market intermediary entered into a contract—(a)as agent, deliver the original contract note to the person on whose behalf it entered into the contract; or(b)as principal, retain the contract note for itself.(2)The contract note shall state—(a)whether it is in respect of a purchase or sale of securities;(b)whether a specific or limit price has been specified or whether the market rate should be applied in addition to the ultimate price per unit of the securities;(c)the name and address of the market intermediary and the principal place at which it carries on its business;(d)that the market intermediary is acting as principal or agent, where it is so acting;(e)the name and address of the person, to whom the market intermediary is required to give the contract note and, where different, the name of the person for whom the transaction was undertaken;(f)the date of the contract, and the date on which the contract note is made;(g)the quantity and description of the securities that are the subject of the contract;(h)the rate or amount of commission payable in respect of the contract;(i)the amount of stamp duty, if any, payable in connection with the contract and, where applicable, in respect of the transfer;(j)the date of settlement; and(k)any other information as may be prescribed by the Authority to ensure that there shall be a complete audit trail in respect of the execution of client instructions and the settlement of market transactions.