Kan. Admin. Regs. § 17-17-4 - Notice to commissioner

Current through Register Vol. 40, No. 39, September 30, 2021

A bank shall notify the commissioner of the bank's intention to engage in financial futures contracts before commencement of the activity. The bank shall include the following information in the notice:

(a) a copy of the written policy of the bank, established by the board of directors, pursuant to K.A.R. 17-17-3;
(b) the background and experience of all persons authorized to buy and sell contracts;
(c) the trading limits to be imposed upon all persons authorized to buy and sell contracts;
(d) the conditions, if any, which permit deviations from trading limits;
(e) the bank personnel responsible for authorizing any deviations in trading limits;
(f) the procedures developed to prevent unauthorized trading;
(g) copies of forms, in blank, which inform management of the daily contract activity; and
(h) copies of internal record keeping forms, in blank, which reflect the bank's daily contract activity with regard to:
(1) the maturity of each outstanding contract and the type and value of the corresponding cash transaction;
(2) the maturity date of each contract;
(3) the current market price and value of each contract;
(4) the outstanding gross futures position;
(5) the open position;
(6) the amount of money held in margin accounts;
(7) any maturity gaps existing between the maturity date of the contract and the completion dates of the corresponding cash transaction;
(8) the profit or loss for each corresponding cash and futures transaction;
(9) the aggregate profit or loss for all relevant cash and futures transactions; and
(10) the type and amount of each expected cash transaction that did not materialize.

Notes

Kan. Admin. Regs. § 17-17-4
Authorized by K.S.A. 9-1713; implementing K.S.A. 1995 Supp. 9-1101; effective, T-85-20, July 2, 1984; effective May 1, 1985; amended Aug. 9, 1996.

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