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Can you summarize 17 KSAR Article 17?
Office of the State Bank Commissioner > Financial Futures Contracts
Short Summary
The provided legal document governs the notification requirements for banks intending to engage in financial futures contracts. It requires banks to notify the commissioner and provide specific information before commencing such activity. The information includes a copy of the bank’s written policy established by the board of directors, background and experience of authorized persons, trading limits and conditions for deviations, responsible bank personnel, procedures to prevent unauthorized trading, blank forms for daily contract activity, and blank internal record keeping forms. The internal record keeping forms should reflect various details such as contract maturity, cash transaction details, market price and value of contracts, outstanding gross futures position, open position, margin account balances, maturity gaps, profit or loss for each transaction, aggregate profit or loss, and details of expected cash transactions that did not materialize. The document does not specify any penalties for non-compliance or violations.
Whom does it apply to?
Banks engaging in financial futures contracts
What does it govern?
Notification requirements for banks intending to engage in financial futures contracts
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Kansas