The ASX has just released a new rule pertaining to Listed Rule 74(b) that is, a client's stated agreement with a listed broking house.
The new rule states:
The broking house must now provide its client with a simplified rule pertaining to arrangements with the stock(s) under management.
This rule advises that details pertaining to the client-broking house arrangement cannot be hidden in the fine print to which a normal person cannot read said rule without peering closely and asking a close person "what does this mean?".
The new rule also advises that the broking house must disclose who actually owns the shares as against saying, "nah, don't worry 'bout that stuff, we'll look after ya."
The most specific component of the new rule advises that under no circumstances can the listed broking house hire a known thug to redeem said shares if all goes belly-up
