Membership Rules and Guidelines

21.1 Without in any way limiting what International Financial Commission Supervisor Authority can do, the Dispute Resolution Committee can at any time and from time to time during International Financial Commission Supervisor Authority process do all or any of the following things:

(a) ask any party questions about the Complaint;

(b) require any party promptly to provide to, or procure for, the Dispute Resolution Committee any information and documents that the Dispute Resolution Committee considers necessary within a certain time, except where the party satisfies the Dispute Resolution Committee that:

(i) provision of information would breach a duty of confidentiality to a third party and, despite best endeavors, the third party’s consent to the disclosure of the information has not been able to be obtained;

(ii) provision of information would breach a court order or prejudice a current investigation by the police or other law enforcement agency; or

Failure to submit such documents or information and in the absence of a reasonable explanation, allows the Dispute Resolution Committee to reserve the right to draw such inferences as it considers appropriate.

(c) ask any party for their comments generally on the other party’s responses to International Financial Commission Supervisor Authority;

(d) send to one party copies of:

(i) the other party’s comments on the Complaint;

(ii) the other party’s answers to questions asked; and

(iii) information provided to the Dispute Resolution Committee by the other party;

(e) at the expense of the Member, obtain such specialist advice as International Financial Commission Supervisor Authority reasonably considers is desirable or necessary to deal with the Complaint.

21.2 The Dispute Resolution Committee is not bound by any legal rule of evidence and may inform itself about the Complaint and all matters relating to it in whichever manner and by whichever means, in its sole discretion, it shall deem appropriate.

22.1 At the first stage of the dispute resolution process International Financial Commission Supervisor Authority will conduct investigation into the merits of the Complaint. During the Investigation Phase, International Financial Commission Supervisor Authority may carry out whatever re conciliation and investigation process it thinks appropriate to deal with the Complaint, including conducting oral conferences with the parties, requesting any additional documents, obtaining advice from experts.

22.2 If International Financial Commission Supervisor Authority requires additional documents from the Member or the Client, both are required to respond to International Financial Commission Supervisor Authority within 7 days or a reasonable explanation must be given as to why more time is needed.

22.3 If there is no response given within 7 days International Financial Commission Supervisor Authority will proceed in the decision making process with the information it has on file. A lack of response from the Member or the client could affect the outcome of the decision of the dispute.

22.4 International Financial Commission Supervisor Authority may carry investigation process until International Financial Commission Supervisor Authority is reasonably satisfied that it is in possession of all relevant information regarding the merits of the Complaint.

22.5 Having completed its investigation, International Financial Commission Supervisor Authority may:

(a) give the Complainant and the Member International Financial Commission Supervisor Authority’s assessment of the merits of the Complaint; and/or

(b) make a recommendation to the Complainant and the Member about resolving the Complaint.

22.6 If no settlement of the Complaint is achieved between the parties during the Investigation Phase, International Financial Commission Supervisor Authority may declare this phase completed and proceed to the Determination Phase.

23.1 At the Determination Phase, the Dispute Resolution Committee will decide on the merits of the Complaint.

23.2 The Dispute Resolution Committee will generally decide on the merits of the Complaint based upon:

(a) the Complaint;

(b) the Member’s response;

(c) the Complainant’s reply; and

(d) information and documents International Financial Commission Supervisor Authority has received during International Financial Commission Supervisor Authority process, including any advice from suitably qualified people.

23.3 The Dispute Resolution Committee may decide as follows:

(a) make an Award to the Complainant that the Member shall pay the Complainant compensation for any loss the Complainant has suffered up to the monetary compensation limit; and/or

(b) issue an Order that the Member do some act or refrain from doing some act in relation to the subject matter of the Complaint; or

(c) deny the Complaint, refuse the Complainant any remedy and declare the Complaint closed.

23.4 The Dispute Resolution Committee’s decision will be in writing and will include the Dispute Resolution Committee’s reasons underlying the decision.

23.5 If the Dispute Resolution Committee makes an Award, the amount of compensation will be determined by what the Dispute Resolution Committee believes is sufficient but not more than is required to compensate the Complainant for its loss as a result of the act or omission of the Member.

23.6 If the Dispute Resolution Committee issues an Order, in considering whether the Order should require the Member to do or refrain from doing some act, the Dispute Resolution Committee will have regard to what is fair and reasonable to put the Complainant and the Member in the position the Complainant and the Member would have been in were it not for the act or omission of the Member.

23.7 In doing this, the Dispute Resolution Committee will consider what is fair and reasonable for all parties, including someone who is not a party to the Complaint but who might be affected by the Dispute Resolution Committee’s decision.

23.8 The Dispute Resolution Committee’s decision will be binding on a Complainant only if he accepts such decision in writing within 14 days of the receipt of the written decision from the Dispute Resolution Committee. If the Complainant accepts the decision, the Complainant must provide the Member (if the Member so requests) with a binding release of the Member from liability in respect of the matters resolved by the decision. The release must be for the full value of the claim which was the subject of the Complaint, even if the amount of the claim exceeds the amount of the remedy decided upon by International Financial Commission Supervisor Authority. The Dispute Resolution Committee’s decision becomes binding on a Member only if the Complainant accepts that decision in full and final settlement of his Complaint against the Member (and executes the necessary release, if requested by the Member).

23.9 If the Member requests that the Complainant should provide a release to such Member, the Member shall within 7 days of the receipt of the Dispute Resolution Committee’s decision make a written request of such release and provide both International Financial Commission Supervisor Authority and the Complainant with the text of such release. The release shall have the effect and only the effect of releasing the Member from any further legal liability to the Complainant and precluding commencement of legal proceedings by the Complainant against the Member in relation to the subject matter of the Complaint on condition that the Member has fully complied with the determination. International Financial Commission Supervisor Authority reserves a right to review and amend the text of the release as it reasonably deems appropriate in order for the release not to negate the effect of any decision made by the Dispute Resolution Committee.

23.10 If the Dispute Resolution Committee does not receive the Complainant’s signed acceptance of its decision and a signed release (if requested so by the Member) within 14 days after the receipt of Dispute Resolution Committee’s decision, the Dispute Resolution Committee may declare the Complaint closed.

23.11 Whenever the Dispute Resolution Committee makes an Award or issues an Order, the Member must comply with it fully and within the time period specified in such Award or Order. If the Dispute Resolution Committee’s Award or Order does not specify a particular time period, then the Member must comply with the Award or Order as soon as practicable.

23.12 International Financial Commission Supervisor Authority may publish a non-identifying copy of the Dispute Resolution Committee’s determination of the Complaint on International Financial Commission Supervisor Authority’s website, unless either party requested in writing that a decision be made on a confidential basis and not subject to public disclosure.

24.1 At any time and from time to time during International Financial Commission Supervisor Authority process, if it thinks it appropriate to do so, International Financial Commission Supervisor Authority may:

(a) refer the Complaint back to the Member and afford it another opportunity to reconsider its position given International Financial Commission Supervisor Authority’s preliminary view of the merits of the Complaint;

(b) facilitate informal negotiations between the parties to resolve the Complaint or any aspect of the Complaint; or

(c) suggest that the Complaint be settled or withdrawn, with or without conditions, with the agreement of both parties in full and final settlement of the Complaint.

24.2 If parties reach a settlement, they shall provide International Financial Commission Supervisor Authority with a copy of the executed settlement agreement so that International Financial Commission Supervisor Authority could declare the Complaint closed.

24.3 If International Financial Commission Supervisor Authority is satisfied that:

(a) the settlement agreement was validly signed and executed by all the parties

(b) the Complaint was within International Financial Commission Supervisor Authority’s jurisdiction; and

(c) the Member has failed to comply with the settlement agreement,

The Dispute Resolution Committee may make an Award on terms of the settlement agreement to enforce it.

25.1 Where International Financial Commission Supervisor Authority reasonably considers that an offer made by a Member to a Complainant to resolve a Complaint is reasonable having regard to the information before International Financial Commission Supervisor Authority may recommend to the Complainant that he shall accept the Member’s offer in full and final settlement of the Complaint.

25.2 If the Complainant does not accept the offer, International Financial Commission Supervisor Authority may close the Complaint in the absence of further information from the Complainant that would justify the Complaint remaining open. If International Financial Commission Supervisor Authority closes the Complaint, it will notify the Complainant and Member that it has done so.

26.1 If either party does not comply with a International Financial Commission Supervisor Authority requirement within the period specified by International Financial Commission Supervisor Authority:

(a) International Financial Commission Supervisor Authority may give the party whatever further period International Financial Commission Supervisor Authority thinks appropriate to comply;

(b) if the Member still does not comply:

(i) the Dispute Resolution Committee may, if it considers appropriate, proceed to determine the Complaint on the basis of the information and documents then available; or

(ii) International Financial Commission Supervisor Authority may expel the Member as a member of International Financial Commission Supervisor Authority;

(c) If the Complainant still does not comply, International Financial Commission Supervisor Authority may declare the Complaint closed or, where International Financial Commission Supervisor Authority requirement only relates to a particular aspect of the Complaint, International Financial Commission Supervisor Authority may decline to consider that aspect further and continue to deal with the other aspects of the Complaint.

26.2 For the purpose the expression “International Financial Commission Supervisor Authority requirement” refers to any requirement imposed by International Financial Commission Supervisor Authority or these Rules on the Complainant or the Member, including the requirement to respond to International Financial Commission Supervisor Authority within a certain time or the requirement to provide International Financial Commission Supervisor Authority with such information and documents that may be requested by International Financial Commission Supervisor Authority in relation to the Complaint.

27.1 If a Member fails to comply with an Award or Order of the Dispute Resolution Committee within the time frame specified in such Award or Order (or if no time specified, as soon as practicable), International Financial Commission Supervisor Authority may give the Member 28 days’ written notice to comply with such Award or Order. If the Member still fails to comply, then International Financial Commission Supervisor Authority can take whatever action it deems necessary to enforce the Award or Order, including but not limited to:

(a) take action to suspend or cancel the Member’s membership of International Financial Commission Supervisor Authority;

(b) bring legal proceedings for specific performance of the Member’s agreement to abide by International Financial Commission Supervisor Authority’s Rules, including but not limited to the Member’s obligation to comply with the Award or Order; or

(c) take such other action as International Financial Commission Supervisor Authority thinks appropriate to secure compliance with the Member’s obligations under International Financial Commission Supervisor Authority’s Rules

28.1 International Financial Commission Supervisor Authority will suspend dealing with a Complaint if during the Investigation Phase the Member gives an Objection Notice to International Financial Commission Supervisor Authority and is able to demonstrate to International Financial Commission Supervisor Authority’s reasonable satisfaction:

(a) that the Complaint involves or may involve an issue which could have important consequences for the Member’s business or the Financial Services Industry generally; or

(b) that the Complaint raises an important or novel point of law.

28.2 A Member who gives an Objection Notice must:

(a) identify and describe the issues which could have important consequences for the Member’s business or the Financial Services Industry generally as the issues relate to the Complaint; or

(b) identify and describe the important or novel point of law as it relates to the issues raised in the Complaint; and

(c) advise International Financial Commission Supervisor Authority of the grounds on which the Member seeks a declaration from the court or any other judicial or arbitration tribunal and how the declaration being sought relates to the issues raised in the Complaint.

28.3 International Financial Commission Supervisor Authority will refuse to accept an Objection Notice if:

(a) the Member has not complied with these Rules;

(b) International Financial Commission Supervisor Authority reasonably considers that the Member has inadequate grounds for seeking a declaration from court or any other judicial or arbitration tribunal;

(c) having regard to all other relevant circumstances, International Financial Commission Supervisor Authority is reasonably satisfied that the Member has given International Financial Commission Supervisor Authority the Objection Notice for an improper purpose; or

(d) the Member previously gave International Financial Commission Supervisor Authority an Objection Notice in relation to the same Complaint, in which case, International Financial Commission Supervisor Authority will give the Member written notice of the refusal and will continue to deal with the Complaint.

28.4 If the Member does not commence judicial or arbitration proceedings on the issues specified in the Objection Notice within 14 days of giving the Objection Notice to International Financial Commission Supervisor Authority, then International Financial Commission Supervisor Authority will deal with the Complaint as if the Objection Notice had not been given.

29.1 If International Financial Commission Supervisor Authority believes that:

(a) it would not unfairly prejudice the Complainant or the Member; and

(b) it would lead to a more efficient and effective resolution of the Complaint, International Financial Commission Supervisor Authority ma y allow or require another Member (called the “Third Party Member”) to be joined as a party to the Complaint.

29.2 International Financial Commission Supervisor Authority may impose terms and conditions on joining a Third Party Member. For example, International Financial Commission Supervisor Authority may require the Member the Complainant has complained about to pay costs or to provide security for future costs.

29.3 Once a Third Party Member has been joined in the Complaint, International Financial Commission Supervisor Authority may give directions about how the Complaint will be dealt with.

29.4 A Third Party Member has all the rights and duties under these Rules as if that Third Party Member were the Member as referred to in the Rules.

29.5 Where a Third Party Member has been joined, these Rules are to be read to include that Third Party Member with appropriate changes being made.

30.1 Neither party is required to have legal or other representation (“representation”) while International Financial Commission Supervisor Authority deals with the Complaint.

30.2 If a party chooses to be legally or otherwise represented, this will be at its own cost.

31.1 All statements the Complainant or Member makes and information or documents they provide to International Financial Commission Supervisor Authority are made on a “without prejudice” basis. This shall mean that anything said or done or information provided to International Financial Commission Supervisor Authority during International Financial Commission Supervisor Authority process cannot be used in subsequent legal proceedings unless required by an appropriate court process.

31.2 Any information obtained by International Financial Commission Supervisor Authority during International Financial Commission Supervisor Authority process may not be disclosed by:

(a) the Complainant;

(b) the Member; or

(c) International Financial Commission Supervisor Authority,

to anyone else unless disclosure is required by law or required or permitted by International Financial Commission Supervisor Authority’s Rules.

32.1 Any party to a Complaint who believes that disclosure of any information or document to Financial Commission will place them in breach of a duty of confidentiality they owe to someone else shall notify Financial Commission. The party claiming confidentiality shall use its best endeavors to obtain the consent of the person to whom the duty is owed to disclose the information or document. If the consent is not received within a reasonable time, then the party claiming confidentiality will not be required to comply with any direction from Financial Commission that the information or document be provided.

32.2 If Financial Commission receives any information or document from any party to a Complaint with a request from that party that it be treated confidentially, Financial Commission will not disclose that information or document to any other party or to any other person except:

(a) with the consent of the person supplying the information or document, or

(b) as required by law or required or permitted by these Rules or Financial Commission’s Rules.

32.3 Financial Commission will not use or rely on any confidential information or document provided by one party to make a finding adverse to any other party, unless it:

(a) reasonably considers that the information or document is genuine and credible; and

(b) informs any party against whom an adverse finding may be made that it is in receipt of the confidential information or document; and

(c) identifies the confidential information or document to any party against whom an adverse finding may be made; and

(d) If appropriate, summarizes the confidential information or the relevant contents of the document to any party against whom an adverse finding may be made.

32.4 Before Financial Commission ends any confidential information or document to another forum, Financial Commission will obtain in writing the consent of the party claiming confidentiality.

32.5 Except where these Rules, or the law prohibits it, Financial Commission may at its discretion disclose the Complaint, the Member’s response, the Complainant’s reply and any information or document obtained by Financial Commission during Financial Commission process to the Board, Dispute Resolution Committee, any Financial Commission employee, consultant, contractor or agent to the extent that is appropriate to do so to enable the person to fully and effectively carry out their powers, functions or duties.

32.6 Financial Commission will not be obliged to make available to the parties any memorandum, analysis, file notes or an y other documents generated by Financial Commission’s employees, consultants, contractors or agents.

32.7 Notwithstanding anything set forth in these Rules, any party to a Complaint who receives from Financial Commission any document prepared by Financial Commission or provided to Financial Commission by another party:

(a) must use that document only for the purpose of dispute resolution in accordance with and as contemplated by Financial Commission Rules; and

(b) must not, except as required by law or legal proceedings, disclose the document to any other person without the prior written consent of Financial Commission, which consent may be subject to such conditions as Financial Commission may in its absolute discretion consider appropriate, and for the purposes of this Rule “disclose” includes communicating or divulging by any means or in any form whether written, electronic or oral or otherwise, including copying by any means and in any form the whole or any part of the document.

33.1 International Financial Commission Supervisor Authority may of its own volition or on the application of a party at any time and from time to time at its discretion and on whatever conditions it sees fit to impose, exempt a party from any one or more of these Rules. Before International Financial Commission Supervisor Authority grants any exemption, it must satisfy itself that doing so:

(a) is necessary to ensure the efficient and effective resolution of the Complaint; and

(b) would not be otherwise prejudicial or unfair to or impose an unreasonable burden or disadvantage on any party.

34.1 International Financial Commission Supervisor Authority may of its own volition or on the application of a party at its discretion and on whatever conditions it sees fit to impose extend any time for compliance with any matter under these Rules. Before International Financial Commission Supervisor Authority grants any extension of time, it must satisfy itself that doing so would not be unfair to or impose an unreasonable burden or disadvantage on any party.

35.1 International Financial Commission Supervisor Authority may at any time declare a Complaint closed in any of the following cases:

(a) the Complaint is or becomes outside of International Financial Commission Supervisor Authority’s jurisdiction;

(b) the Complaint is withdrawn, settled or resolved; or

(c) International Financial Commission Supervisor Authority deems the Complaint withdrawn by reason of the Complainant’s failure to respond to International Financial Commission Supervisor Authority’s communications within the period specified by International Financial Commission Supervisor Authority; or

(d) the Complainant does not accept the Member’s offer which International Financial Commission Supervisor Authority considers reasonable having regard to the information before International Financial Commission Supervisor Authority and recommends the Complainant to accept (in the absence of further information from the Complainant that would justify the Complaint remaining open);

(e) the Complainant does not accept International Financial Commission Supervisor Authority’s determination of the Complaint;

(f) International Financial Commission Supervisor Authority is not satisfied that the Complaint is properly presented by the Complainant; or

(g) International Financial Commission Supervisor Authority is unable to locate the Member despite its reasonable efforts to do so.

(h) International Financial Commission Supervisor Authority learns of any ground listed in Rule 16A.1.

36.1 International Financial Commission Supervisor Authority will not be bound by any previous International Financial Commission Supervisor Authority decisions, but will endeavor to be consistent in its decision-making.

36.2 A previous International Financial Commission Supervisor Authority decision includes but is not limited to a Ruling, Order or an Award

36.3 If International Financial Commission Supervisor Authority deems it appropriate, International Financial Commission Supervisor Authority will send the Complainant and the Member a copy of or extract from a International Financial Commission Supervisor Authority policy that International Financial Commission Supervisor Authority thinks is relevant to their Complaint.

37.1 Every International Financial Commission Supervisor Authority decision is final and binding on a Member. Neither the Complainant nor the Member may file any appeals, and as such the International Financial Commission Supervisor Authority’s decision is non- appealable. A Member may not challenge an Order or an Award in a court or other judicial or arbitration tribunal unless there is new information that can be presented that would affect the outcome of the Complaint.

37.2 International Financial Commission Supervisor Authority decision may only be reviewed or reopened in the circumstances allowed in these Rules or International Financial Commission Supervisor Authority guidelines.

37.3 International Financial Commission Supervisor Authority decision is only binding on a Complainant if the Complainant accepts it. If the Complainant does not accept a International Financial Commission Supervisor Authority decision, the Complainant is at liberty to pursue other remedies in relation to the subject matter of the Complaint in a courts or any other judicial or arbitration forum, but not with the International Financial Commission Supervisor Authority. If the Complainant does this, International Financial Commission Supervisor Authority can declare the Complaint closed and no International Financial Commission Supervisor Authority decision will have any force or effect against the Member in relation to the Complaint.

37.4 If upon the Dispute Resolution Committee’s own motion or upon application by a party within 28 days after the date on which an Order or Award was sent to that party, the Dispute Resolution Committee has determined that in relation to that Order or Award:

(a) a clerical mistake was made; or

(b) there was an accidental error or omission; or

(c) there is a material miscalculation of figures or a material mistake in the description of any person, thing or matter; or

(d) there is a defect in form; or

(e) the terms of the Order or Award do not reflect the Dispute Resolution Committee’s actual intentions,

The Dispute Resolution Committee may:

(i) make whatever amendments to the Order or Award it thinks appropriate; or

(ii) re-issue the Order or Award; or

(iii) give such directions as it thinks appropriate (including directions about times for compliance) in connection with the Order or Award.

38.1 International Financial Commission Supervisor Authority may in its discretion:

(a) by-pass the Member’s IDR process, whether or not the Member has commenced considering the Complaint within that process; and

(b) deal with or continue to deal with a Complaint, if the Member:

(i) ceases to carry on its business; or

(ii) ceases to hold a relevant license; or

(iii) becomes insolvent, files for bankruptcy or in relation to which bankruptcy or liquidation proceedings are initiated,

and in doing so, International Financial Commission Supervisor Authority must consider the Complainant’s interests.

39.1 The Board and all Members must ensure that International Financial Commission Supervisor Authority is appropriately and effectively publicized.

39.2 International Financial Commission Supervisor Authority’s logo and mark shall only be permitted for use and distribution for Members in good standing. The use of International Financial Commission Supervisor Authority logo or mark is strictly forbidden unless authorized by International Financial Commission Supervisor Authority.

39.3 Unless the contrary is expressly indicated by the International Financial Commission Supervisor Authority in its Award or Order (as applicable), neither the Complainant nor the Member may publicize, share, transfer to any person or otherwise distribute any or part of Order, Award, any correspondence between the International Financial Commission Supervisor Authority and the Complainant or the Member or any information which was disclosed by any person during the Complaint resolution process. If the Complainant or the Member violate this provision of the Rules, the International Financial Commission Supervisor Authority may annul any of its Orders or Awards made in relation to any Complaint filed by such Complainant or against such Member, as the case may be.

40.1 To the extent permitted by law, International Financial Commission Supervisor Authority excludes all liability to Members arising out of or in connection with these Rules and the performance by International Financial Commission Supervisor Authority of functions contemplated hereunder. This exclusion applies, without limitation, to all liability in contract or tort for actions or omissions of International Financial Commission Supervisor Authority, the Board, the Dispute Resolution Committee, its owners and their officers, employees, agents, and contractors, and any related persons and entities (the “Indemnified Persons”).

40.2 The Members agree to indemnify the Indemnified Persons from and against all expenses, losses, costs and damages (including any reasonable legal fees and expenses), direct, consequential, and/or incidental in nature, that the Indemnified Persons may incur as a result of (i) any breach of these Rules by the Member, its employees, contractors, or agents or (ii) any claim, demand, proceeding, suit and action by any third party for anything done or omitted in the discharge or purported discharge by the Indemnified Persons of their rights and obligations under these Rules.

41.1 The Member must not instigate defamation action of any kind against a Complainant or International Financial Commission Supervisor Authority in respect of allegations made to International Financial Commission Supervisor Authority by the Complainant about the Member.

41.2 Any criticism of a International Financial Commission Supervisor Authority decision in a public forum or on a Member’s website is prohibited and could result in dismissal from International Financial Commission Supervisor Authority.

42.1 International Financial Commission Supervisor Authority may give a document, demand, notice or other communication (“notice”) to any party:

(a) personally;

(b) by sending it by post, to the address of a party that it has on file; or

(c) by sending it to a fax number or e-mail address of a party that it has on file.

Post

42.2 A document sent by post must be sent by a courier mail and shall be deemed to have been received on the day of its delivery to the relevant address.

Fax or e-mail

42.3 If a document is sent by fax or e-mail, delivery of the document is deemed to occur on the next day following the of such fax or email transmission.

Evidence of service

42.4 A certificate in writing signed by a director or officer of International Financial Commission Supervisor Authority stating that a document was sent to a party by post or by fax or email on a particular date is prima facie evidence that the document was so sent on that date.

43.1 Certain words and phrases have the special meanings set out below:

“Award” shall mean the binding determination made by the Dispute Resolution Committee which may award any compensation to the Complainant;

“Board” shall mean the board of directors of International Financial Commission Supervisor Authority;

“Complainant” shall mean a Client who makes a Complaint to International Financial Commission Supervisor Authority about a Member or Members, but does not include a person who is a member of International Financial Commission Supervisor Authority unless the person did not, at the time the event complained about occurred, have a business relationship with the Member against whom the Complaint is made;

“Complaint” shall mean:

(a) for the purpose of IDR, an expression of dissatisfaction made to a Member, related to its conduct, products or services, or the complaints handling process itself, where a response or resolution is explicitly or implicitly expected; and

(b) for the purpose of EDR, an expression of dissatisfaction made to International Financial Commission Supervisor Authority, related to a Member’s conduct, products or services, whether or not the Complainant has first tried to resolve the Complaint with the Member using the Member’s IDR process;

“Client” shall mean an individual (whether acting as a trustee or otherwise), a partnership comprising individuals or a small business, but does not include an individual that International Financial Commission Supervisor Authority determines is not a client for the purposes of Rules or guidelines because of the assets, wealth, or both, that the person has, holds or controls;

“International Financial Commission Supervisor Authority’s website” or “website” shall mean the website maintained by International Financial Commission Supervisor Authority at www.financialcommission.org;

“International Financial Commission Supervisor Authority process” shall mean the process for dealing with a Complaint under these Rules;

“Determination Phase” shall mean the phase during which the Dispute Resolution Committee makes a decision on the merits of the Complaint and, as required, makes an Award or issues and Order;

“EDR” shall have the meaning given thereto in Rule 1.1;

“Financial Service” shall mean either services and/or products within the scope of the financial trading including but not limited to Forex, Options, Commodities, Equities, or Binary Options;

“Financial Services Provider” shall mean any individual or organization that offers, for compensation, Financial Services;

“Financial Services Industry” shall mean a collection of Financial Service Providers;

“IDR” shall mean internal dispute resolution involving a procedure adopted by a Member to consider a Complaint;

“Investigation Phase” shall mean the investigation phase of International Financial Commission Supervisor Authority process;

“Member” shall mean a person, firm or corporation which is a member of the International Financial Commission Supervisor Authority;

“Monetary compensation limit” shall mean an amount not exceeding €20,000, as may be amended from time to time; Note: Separate claims by the same Complainant will not be aggregated for the purpose of determining a maximum monetary compensation limit;

“Order” shall mean a determination made by the Dispute Resolution Committee prescribing certain mode of conduct to a Member;

“Rules” shall mean these Rules;

“Ruling” shall mean a Ruling by the Dispute Resolution Committee as to whether a Complaint or any aspect of a Complaint can be dealt with under these Rules or about any matter that arises in the course of International Financial Commission Supervisor Authority dealing with the Complaint;

43.2 Unless the context suggests otherwise:

(a) the singular includes the plural and vice versa;

(b) any reference to a party to a Complaint includes that party’s executors, administrators or permitted assigns;

(c) a reference to one gender includes every gender;

(d) headings are for reference purposes only; and

(e) references to any applicable law including but not limited to any regulations and other rules made under it and to consolidations, re-enactments, amendments or replacements of it.

43.3 In calculating compliance with a time period by reference to a number of “days”, shall include weekends but not include any global public holiday or public holiday pertaining to the country of residence of the Member.

43.4 Whenever these Rules refer to information, they shall include information or evidence in any form and from any source, but do not include information or evidence that has been or appears to be illegally obtained.

“Reserved”

“Reserved”

1. General Standard

Members who handle orders must adopt and enforce written procedures reasonably designed to record and maintain essential information regarding customer orders and account activity.

2. Transaction Records

Electronic trading systems should record the following information for each transaction:

• buy or sell;
• date and time the order is received by the system;
• price (or premium for an option) at which the order is placed;
• price (or premium for an option) quoted on the trading platform when the order was placed (if the system is a trading platform);
• account identification;
• currency pair;
• size;
• type of order (if not a straight market order);
• date and time the execution information is reported by the system;
• date and time the order is transmitted to the trading platform; and
• date and time of execution.

For options, the system should record the following additional information:

• put or call;
• strike price; and
• expiration date.

All times information must be recorded to the nearest second. The system must also record any other necessary information (e.g., re-quotes, that the platform did not execute the order because the customer had insufficient equity in its account). If the transaction is not subject to daily rollovers, the system must also record the expiration date of the transaction, if any.

The system should record this same information for liquidating orders. If customers place them as liquidating orders, the system should identify them as liquidating orders. If they are generated by the system because there is insufficient equity in the account, the system should record that information. If customers enter them as new orders, however, they need not be identified as liquidating orders in the order information even if they result in offset.

Electronic trading platforms should record the following information for rollovers:

• account identification;
• currency pair;
• size;
• long or short;
• date and time of the rollover;
• price of the position after the rollover;
• bid and ask prices quoted on the platform when the rollover occurred; and
• any other fees charged for the rollover.

An electronic trading platform should be programmed to provide the amount of interest credited or debited to the account if any. The trading platform should also be programmed to provide a report, upon request, showing the following information for all transactions other than rollovers executed on that day: time, price (or premium), quantity, long or short, currency pair, account identification, and, for options, strike price, put or call, and expiration date.

3. Account Records

Electronic trading platforms should create and maintain daily records containing the following information:

• account balance (funds in the account plus or minus open trade equity);
• account identification;
• funds in the account (net of any commissions and fees); and
• open trade equity (the net profits and losses on open trades).

For open option positions, the account balance should be adjusted for the net option value and the daily record should include the following additional information:

• if the system treats the rollover as two transactions, it should provide the date and time of each transaction;
• long option value;
• short option value; and
• net option value.

4. Time and Price Records

Electronic trading platforms should create daily logs showing each price change on the platform, the time of the change to the nearest second, and the trading volume at that time and price. Upon request by a Customer, Member should provide time and price records covering all executed transactions for the same currency pair or option during the time period in which the customer’s order was or could have been executed.

5. Profit and Loss Reports

Electronic trading platforms should be able to produce, upon request, a report showing monthly and yearly realized and unrealized profits and losses by customer. The system should generate year-end reports for each customer showing the realized profits and losses incurred during the calendar year and the unrealized profits and losses on open positions.

6. Retention

Members must maintain this information, and it must be readily accessible. These records must be open to inspection by International Financial Commission Supervisor Authority, and copies must be provided to International Financial Commission Supervisor Authority upon request.

7. Reviews

The Member should conduct periodic reviews designed to ensure that the electronic trading platform maintains the data and is capable of generating the reports required by this requirement.

Required risk disclosures for all clients that receive investment advisory or trade advisory service (investment advice) verbally or orally (via telephone or digital voice communication) or other digital methods from another human staff, management, contractor, analyst, consultant, affiliate or IB partner of a brokerage firm that is member of the International Financial Commission Supervisor Authority.  

This voice risk disclosure requirement procedure outlines steps that must be taken between a International Financial Commission Supervisor Authority member and each of their clients. These disclosures will determine additional requirements to be followed by members when investment consultations are provided to a firm’s clients via (human) voice methods by any of the firm’s affiliates or agents as outlined below.

In any cases when company staff, analysts, consultants, affiliates, and/or IB partners provide any type of investment consultations via voice methods (any form of advice, opinion, recommendation, view on sentiment, etc.. ) to clients that maintain a brokerage account with a International Financial Commission Supervisor Authority member firm, the following measures must be taken:

DISCLOSURE RECORD KEEPING

1. All Members must review the written Voice Risk Disclosure (VRD) that is provided by the International Financial Commission Supervisor Authority in English and in any other applicable language in which the International Financial Commission Supervisor Authority and the member does business. The VRD must be used exactly as outlined below.
2. The International Financial Commission Supervisor Authority member brokerage firm must obtain client’s oral acceptance of the standard trading risk disclosure (exactly as instructed by the Commission) outlining the relevant risks they are undertaking as well as the risk of relying on or considering investment advice;
3. The client agreement must contain a separate clause, that waves the firm’s liability for the financial outcome, regardless of the client’s actions if investment consultations are provided to the client.

AUDIO VOICE RECORD KEEPING

4. The member firm must obtain a voice recording from the customer acknowledging and accepting full risk of loss for any investments made in their trading account as a result of advice provided from the company or its agents via voice methods.
5. The Company must keep a voice recording (audio record) from its communication with each Client that contains the following four items:

1.  Client’s full name; as reflecting on their account at the relevant Member firm;
2.  Client’s trading account at the relevant Member firm;
3.  Client’s acceptance and understanding of trading risks at the relevant Member firm;

RELATED COMPLAINT FILING REQUIREMENTS

If a International Financial Commission Supervisor Authority member firm or their customer files a complaint with the International Financial Commission Supervisor Authority, the document and audio voice records of client’s acceptance and understanding of trading risks must be provided to International Financial Commission Supervisor Authority upon the first request, in order to proceed through proper complaint channels.