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5 Tips when Engaging your Member Dealer/Broker

1) Review Client Agreements & Other Documents Carefully

Go through your account opening documentation and client agreement carefully before signing. Pay close attention to areas regarding transactions, settlements and indemnification. Ensure you understand all terms and ask questions if something is unclear before signing.

2) Safeguard Order Instructions

Where available practice placing orders via an online platform. This will allow you to keep track of the processing of your order instructions at anytime. Additionally, it will ensure that there are no oversight with the timely execution of your order. Where this is not available, use other electronic means which allow you to keep a record of your order. Such electronic means should be in keeping with your client agreement.

3) Review Statements and Trade Confirmations

Know when statements and trade confirmations are due and ensure that you are receiving them on time. All trading transactions on the JSE must be evidenced by a Contract Note (JSE Rule 311). The Contract Note must include the name of the institution, the price, the commission fee, the date of the transaction and the value of the transaction. This should be prepared within two (2) business days after the transaction. Examine all materials received from your Member/Dealer and ask questions if you do not understand something or if it does not look right to you. Ensure that your name, account number, transaction date(s) and amounts reconcile with your order instruction(s).

4) Keep Record of all Communications

It might feel like work, however, keeping a record of all communications, i.e., agreements, statements, order instructions, notifications, receipts, etc., may be valuable in the long run. Keep the documents in chronological order, for easy retrieval if necessary. Try as best as possible to follow up face to face and telephone conversations with an email.

5) Escalate Concerns

If you experience difficulties with your broker representative, report the matter to a supervisor or a senior officer at your Member/ Dealer as soon as possible. Ensure your report is in writing. Inform yourself of the institution’s procedures and policies for filing and handling a complaint.

If your Member/Dealer (Broker) does not resolve your concerns, you may choose to escalate the matter to the regulatory arm of the JSE, by filing a complaint with the Regulatory and Market Oversight Division.

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