Kan. Admin. Regs. § 17-23-13

Current through Register Vol. 44, No. 2, January 9, 2025

Section 17-23-13 - Form of notification for securities transactions

Each bank or trust company effecting a securities transaction for a customer shall maintain for at least three years and except as provided in K.A.R. 17-23-14, shall mail or otherwise furnish to such customer either of the following types of notifications:

(a)

(1) a copy of the confirmation of a broker or dealer relating to the securities transactions; and

(2) if the bank or trust company is to receive remuneration from the customer or any other source in connection with the transaction, and the remuneration is not determined pursuant to a written agreement between the bank or trust company and the customer, a statement of the source and amount of any remuneration to be received; or

(b) a written notification disclosing:

(1) the name of the bank or trust company;

(2) the name of the customer;

(3) whether the bank or trust company is acting as an agent for the customer, as agent for both the customer and some other person, as principal for its own account, or in any other capacity;

(4) the date of execution and a statement that the time of execution will be furnished within a reasonable time upon written request of the customer and the identity, price and number of shares or units, or principal amount in the case of debt securities, of the security purchased or sold by such a customer;

(5) the amount of any remuneration received or to be received by the bank or trust company from the customer in connection with the transac-tion;

(6) the source and amount of any other remuneration to be received by the bank or trust company in connection with the transaction, unless remuneration is determined pursuant to a written agreement between the bank or trust company and the customer.

In the case of U.S. government securities, federal agency obligations and municipal obligations, this paragraph (b)(6) shall apply only with respect to remuneration received by the bank or trust company in an agency transaction; and

(7) the name of the broker or dealer utilized; or where there is no broker or dealer, the name of the person from whom the security was purchased or to whom it was sold, or the fact that such information will be furnished within a reasonable time upon written request.

Kan. Admin. Regs. § 17-23-13

Authorized by K.S.A. 9-1713; implementing K.S.A. 9-1601, K.S.A. 9-2103; effective Feb. 28, 1994.