CHAPTER IIIU.K.OPERATING CONDITIONS FOR INVESTMENT FIRMS

SECTION 4U.K.Reporting to clients

Article 42U.K.(Article 19(8) of Directive 2004/39/EC)Additional reporting obligations for portfolio management or contingent liability transactions

Member States shall ensure that where investment firms provide portfolio management transactions for retail clients or operate retail client accounts that include an uncovered open position in a contingent liability transaction, they also report to the retail client any losses exceeding any predetermined threshold, agreed between the firm and the client, no later than the end of the business day in which the threshold is exceeded or, in a case where the threshold is exceeded on a non-business day, the close of the next business day.