Contract notes and SEC regulations

Hi @Viktor

I don’t suppose someone in your team would be able to add the Freetrade name somewhere in the contract note?

I work for a firm that needs to comply with SEC regulations, and as such I need to disclose all regulated trades. They sent me the following email about the contract notes:

Along with a link to the actual SEC regulations for contract notes: 17 CFR § 275.204A-1 - Investment adviser codes of ethics. | CFR | US Law | LII / Legal Information Institute

Item 2, i, D states the report must contain at a minimum:

The name of any broker, dealer or bank with which the access person maintains an account in which any securities are held for the access person’s direct or indirect benefit

Surely it wouldn’t be difficult to add the text: Freetrade to the contract note somewhere? I won’t be able to use Freetrade otherwise, and would guess many people who work in finance are in a similar situation to myself.

Many thanks

Shaun

2 Likes

I’d like to see this too - the contract note functionality as it stands is not very good unfortunately and isn’t much use for anything “official”. The content and layout of the contract note in the app could remain as it is, but an additional PDF option could be available which would provide all the same information plus:

  • Ticker and actual name of the security (not just Freetrade’s own “summary” of the security), e.g. the ticker “VEVE” currently displays as “FTSE Dev World” in the app, but the actual name of the security as it is listed on the LSE is “Vanguard FTSE Developed World UCITS ETF USD”.
  • Freetrade company details, including full business name, registered address and company registration number.
  • Name and address of the account owner.

Edit: to take it even further, it would be great if not only the above PDF functionality was available, but combined with the ability to export multiple PDF’s at once, e.g. filtered by date range for example, or even have the ability to have these sent to the account owners email address for easy access off of your phone / tablet.

It would also be good to be able to export as a CSV or a PDF a “snapshot” of your current holdings - I’m thinking the same sort of information you get when you click on a holding in the app, but in a more structured consolidated format.

4 Likes

I’ve just reached out to my compliance team to see if there is any requirement around who can create the contract note. Otherwise I might create a small program to parse a screenshot of the Freetrade contract note and create a PDF version of the contract note with all the relevant details.

It’s a pain that this isn’t just built into the app though, and agree it would be good if Freetrade could bring the standards of the existing contract note up to par with other brokers.

I’ll let you know what my company say about creating your own contract notes.

1 Like

100% with you on your request, these are very much overdue requirements for many.

They are working on it. I’d also suggest adding your feedback to this thread

1 Like

Thanks. Will add a message to there as well.

Shouldn’t this be in the ideas section and then you’d get a vote link too.

This is the ideas section…

That’s because it’s now been moved. Previously it was in the chat section.