9.2.1. Requirement to provide periodic statements

When an Authorised Firm:

(a)      Manages Investments for a Client; or

(b)       operates an account containing uncovered open positions in a Contingent Liability Investment,

it must promptly and at suitable intervals provide the Client with a written statement (“a periodic statement”) containing the matters referred to in Schedule 4.

Guidance

For these purposes, a “suitable interval” is:

(a)      every three months;

(b)      monthly, if the Client’s portfolio includes an uncovered open position in Contingent Liability Investments; or

(c)      at any alternative interval that a Client has on his own initiative agreed with the Authorised Firm but in any case at least annually.

9.2.2. Record keeping

An Authorised Firm must make a copy of any periodic statement provided to a Client and retain it for a minimum of six years from the date on which it was provided.