12.3.5 Approval of Customer Accounts
(1) At least 1 senior management staff independent of sales or dealing of a Trading Member, or a senior management staff of a related corporation of that Trading Member charged with the account approval function, must approve the opening of a customer account.
(2) The approval must:—
(a) be given before the execution of the first trade for the customer; and
(b) be in writing which includes secured electronic record; and
(c) form part of the permanent records of the Trading Member.