Examples of Futures Accounts in a sentence
Employees who are newly subject to this requirement are required to transfer their Futures Accounts to an Authorized FCM within sixty days of their Company start date or the date the Employee becomes subject to these Standards as a result of transfer or newly acquired access to material, nonpublic information.
Details are set out in section 3 of the Securities and Futures (Accounts and Audit) Rules.
The Securities and Futures (Accounts and Audit) Rules do not provide that trivial breaches can be disregarded.
To avoid potential duplication of audit effort, the audit approach to a regulated entity normally addresses the audit of the financial statements and the work required for reporting under the Securities and Futures (Accounts and Audit) Rules together.
It should be noted that the requirements under any of the rules made under section 152 of the SFO are not included as "matters reportable by the auditor under section 157 of the SFO" in section 5 of the Securities and Futures (Accounts and Audit) Rules and therefore the auditor is not required to report to the SFC if there is a failure of the regulated entity to comply with section 152 of the SFO.
The auditor's reporting responsibility under the Securities and Futures (Accounts and Audit) Rules is primarily to provide assurance to the SFC on the financial information provided by the regulated entity and on the systems of control operated by the regulated entity during the financial year covered by the report in relation to the regulated entity's stewardship of client assets.
The auditor's reporting responsibility under the Securities and Futures (Accounts and Audit) Rules addresses matters for which the primary responsibility lies with the management of the regulated entity.
The auditor would note that the Securities and Futures (Accounts and Audit) Rules do not provide that immaterial discrepancies or reclassifications can be disregarded.
All Futures Accounts must be reported in PST which can be accessed by typing "PST/" into a web browser on your Prudential computer.
The responsibilities of the auditor and the reporting requirements in those audits are generally the same as those discussed in “Part III – Auditor's Reports under the Securities and Futures (Accounts and Audit) Rules”.