These guidelines apply to
- Capital markets services (CMS) licensees; and
- Banks, merchant banks and finance companies
which conduct the regulated activities of dealing in capital markets products, fund management or real estate investment trust management under the SFA.
They set out guidance on the requirements in Notice SFA04-N16 on Execution of Customers’ Orders to have policies and procedures to place and execute customers’ orders on the best available terms to support fair outcomes for customers. They should be read in conjunction with the Notice.