Related provisions for CASS 6.1.9A
1 - 5 of 5 items.
A firm may
allow another person, such as
another broker to hold or control client money,
but only if:(1) the firm transfers the client
money for the purpose of a transaction for a client through
or with that person; and(2) in
the case of a consumer,5 that customer has been notified (whether through
a client agreement,4terms of business, or otherwise in writing)
that the client money may be
transferred to another person.54
A firm must
not undertake any transaction for a consumer5 that involves client money being
passed to another broker or settlement agent located
in a jurisdiction outside the United Kingdom,
unless the firm has previously
disclosed to the consumer5 (whether in its terms of business, client agreement 4or otherwise in writing):554(1) that
his client money may be passed
to a person outside the United Kingdom but the client may
notify the firm that he does
not wish his money to be
(1) 1A firm must make available to each of its clients to whom it provides prime brokerage services a statement in a durable medium:(a) showing the value at the close of each business day of the items in (3); and(b) detailing any other matters which that firm considers are necessary to ensure that a client has up-to-date and accurate information about the amount of client money and the value of safe custody assets held by that firm for it.(2) The statement must be made available
2Where a firm has entered into an agreement with a client under article 91 (Reporting obligations for prime brokers) of the AIFMD level 2 regulation, and to the extent that the firm makes available to the client the same statements as specified by that article that it is required to provide to the relevant depositary, the FCA will treat the obligations under CASS 9.2.1 R as satisfied by the firm.
The records maintained under this section, including the sub-pool disclosure documents, are a record of the firm that must be kept in a durable medium for at least five years following the date on which client money was last held by the firm for a sub-pool to which those records or the sub-pool disclosure document applied.
(1) 1A firm must ensure that every prime brokerage agreement that includes its right to use safe custody assets for its own account includes a disclosure annex.(2) A firm must ensure that the disclosure annex sets out a summary of the key provisions within the prime brokerage agreement permitting the use of safe custody assets, including:(a) the contractual limit, if any, on the safe custody assets which a prime brokerage firm is permitted to use;(b) all related contractual definitions