Regulatory Alerts2015-08-17
Amendment of Decision 12 on Securities and Derivative Transactions
The Capital Markets Authority issued Announcement No. 17 to amend Decision 12, updating Article 3 of the Regulations on Securities and Derivative Transactions. The revised rules mandate that financial intermediaries confirm client transactions at the best price, collect full premiums on long options, and enforce initial margins of 20 percent alongside maintenance margins of 75 percent for commodities, currencies, futures, and short options. Furthermore, the amendment requires gross margin payments without netting long and short positions, strict separation of client cash accounts from intermediary funds, and daily credit balance matching to ensure market stability.
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