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CASS 7A.1 Application and purpose

Application

CASS 7A.1.1R

1 Subject to CASS 7A.1.1A R, this2 chapter (the client money distribution rules) applies to a firm that holds client money which is subject to the client money rules when a pooling event 2 occurs.

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CASS 7A.1.1AR
CASS 7A.1.1BG

2As a result of CASS 7A.1.1A R, the client money distribution rules relating to primary pooling events and secondary pooling events will not affect any client money held by a firm in its capacity as trustee firm. Instead, the treatment of that client money will be determined by the terms of the relevant instrument of trust or by applicable law. However, the client money distribution rules do apply to a firm for any client money that it holds other than in that capacity which is subject to the client money rules.

Purpose

CASS 7A.1.2G

The client money distribution rules seek to facilitate the timely return of client money to a client in the event of the failure of a firm or third party at which the firm holds client money.