Kansas Administrative Regulations
Agency 17 - OFFICE OF THE STATE BANK COMMISSIONER
Article 17 - FINANCIAL FUTURES CONTRACTS
Section 17-17-4 - Notice to commissioner

Universal Citation: KS Admin Regs 17-17-4

Current through Register Vol. 43, No. 52, December 26, 2024

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.

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