12.3.4 Joint Account

Past version: Effective up to 30 Jun 2016

(1) A Trading Member may allow customers to open a joint trading account if:—
(a) a joint securities account is opened with CDP;
(b) each joint account holder is at least 18 years old; and
(c) no joint account holder is an undischarged bankrupt.
(2) A joint account may be operated by not more than 2 individuals. However, if it is an estate account, it may be operated by all personal representatives.
(3) A Trading Member must maintain the following information:—
(a) particulars of each joint account holder;
(b) the names of persons authorised to give trading orders and settlement instructions and receive scrip from the Trading Member;
(c) the names of persons to whom payments by the Trading Member are to be made; and
(d) details of any accounts held in an individual capacity by a joint account holder.
(4) A Trading Member must require each joint account holder to specify whether the joint account holder is jointly and severally liable for all debts incurred in a joint account.

Refer to Practice Note 12.3.1, 12.3.4.

Amended on 14 May 200914 May 2009.