Related provisions for CASS 7.10.25
1 - 20 of 28 items.
In contrast to the other provisions in DISP 1 which generally apply to complaints from eligible complainants, subject to DISP 1.1A.6R:
(1) the obligations in this section that apply to the MiFID complaints of MiFID investment firms, apply to complaints from “clients” as defined in MiFID (which includes retail clients, professional clients and (in relation to eligible counterparty business) eligible counterparties; and(2)
the obligations in this section that apply to the MiFID
Investment firms shall publish the details of the process to be followed when handling a complaint. Such details shall include information about the complaints management policy and the contact details of the complaints management function. This information shall be provided to clients or potential clients, on request, or when acknowledging a complaint.
[Note: article 26(2) of the MiFID Org Regulation]
Investment firms shall communicate the firm’s position on the complaint to clients or potential clients and inform the clients or potential clients about their options, including that they may be able to refer the complaint to an alternative dispute resolution entity, as defined in Article 4(h) of Directive 2013/11/EU of the European Parliament and Council on consumer ADR or that the client may be able to take civil action.
[Note: article 26(5) of the MiFID Org Regulation. See
The explanation given by MiFID investment firms to clients or potential clients in accordance with DISP 1.1A.25EU must also:
(1) refer to the fact that the complainant has made a MiFID complaint and inform the complainant that the MiFID investment firm now considers the MiFID complaint to have been resolved;(2)
inform the complainant that if, still dissatisfied with the resolution of the MiFID complaint, the complainant may be able to refer it to the Financial Ombudsman Service;
(3)
Investment firms shall communicate the firm’s position on the complaint to clients or potential clients and inform the clients or potential clients about their options, including that they may be able to refer the complaint to an alternative dispute resolution entity, as defined in Article 4(h) of Directive 2013/11/EU of the European Parliament and Council on consumer ADR or that the client may be able to take civil action.
[Note: article 26(5) of the MiFID Org Regulation. See
The explanation given by MiFID investment firms to clients or potential clients in accordance with DISP 1.1A.30EU must also:(1) enclose a copy of the Financial Ombudsman Service's standard explanatory leaflet;
(2) provide the website address of the Financial Ombudsman Service;(3)
inform the complainant that if, still dissatisfied with the respondent's response, the complaint may now be referred to the Financial Ombudsman Service; and
(4) indicate whether or not the respondent
A firm that holds money on behalf of, or receives money from, an affiliated company in respect of designated investment business which is not MiFID business must not treat the money as client money unless:(1) the firm has been notified by the affiliated company that the money belongs to a client of the affiliated company; or(2) the affiliated company is a client dealt with at arm's length; or(3) the affiliated company is a manager of an occupational pension scheme or is an overseas
This chapter (the custody rules) applies to a firm:21(1) [deleted]22(a) [deleted]22(b) [deleted]22(1A) 2when it holds financial instruments belonging to a client in the course of its MiFID business;7(1B) 2when it is safeguarding and administering investments, in the course of business that is not MiFID business;7(1C) when it is acting as trustee or depositary of an AIF;
79(1D) when it is acting as trustee or depositary of a UCITS; and97(1E) in respect of any arrangement for a
10(1) The custody rules do not apply to a firm that is managing an AIF or managing a UCITS in relation to excluded custody activities, except where the firm is a small AIFM.10(2) The custody rules can apply to a firm that is managing an AIF or managing a UCITS in relation to activities that are not excluded custody activities. For example, where the firm:10(a) holds financial instruments belonging to a client in the course of its MiFID business (see CASS 6.1.1R (1A)); or(b) is
1The application of this section is set out in the following table:
Type of firm |
Applicable provisions |
UK firm operating a multilateral trading facility or an OTF and a UK branch of a third country investment firm operating a multilateral trading facility or an OTF |
|
MAR 10.4.7D to MAR 10.4.9D and MAR 10.4.11G2 |
|
UK branch of a2third country investment firm when not operating a multilateral trading facility or an OTF |
MAR 10.4.7D to MAR 10.4.9D and MAR 10.4.11G2 |
Member, participant or a client of a UK trading venue |
|
EEA MiFID investment firm who is a member, participant or a client of a UK trading venue |
(1) 1This direction applies to:(a)
a UK MiFID investment firm; and
(b) a UK branch of a third country investment firm.
(2) An investment firm in (1) trading in a commodity derivative or emission allowance outside a trading venue must, where the FCA is the competent authority of the trading venue where that commodity derivative or emission allowance is traded, provide the FCA with a report containing a complete breakdown of:(a)
their positions taken in those commodity derivatives
(1) 1This direction applies to:
(a) a UK MiFID investment firm; and
(b) a UK branch of a third country investment firm.
(2) An investment firm in (1) trading in a commodity derivative or emission allowance outside a trading venue must, where an EEA competent authority other than the FCA is the competent authority of the trading venue where that commodity derivative or emission allowance is traded, or the central competent authority for the purposes of that commodity derivative,
(1) 1This direction applies to an EEA MiFID investment firm which is a member, participant or a client of a UK trading venue.
(2) MAR 10.4.7D applies to an EEA MiFID investment firm under (1), as if it were a UK MiFID investment firm.(3) MAR 10.4.8D applies to an EEA MiFID investment firm under (1), as if it were a UK MiFID investment firm, where the EEA MiFID investment firm trades in a commodity derivative or emission allowance outside a trading venue, and the FCA is the competent
(1) Firms to which COBS 6.1 applies are reminded that, under COBS 6.1.7R, a firm that holds clientdesignated investments or client money must provide its clients with specific information about how the firm holds those clientdesignated investments and client money and how certain arrangements might give rise to specific consequences or risks for those clientdesignated investments and client money.2(2) COBS 6.1 (Information about the firm and compensation information (non-MiFID
(1) 2Firms to which COBS 6.1ZA applies are reminded of the requirements under article 49 of the MiFID Org Regulation (which are directly applicable to some firms and which are also applied to firms in other circumstances under COBS 6.1ZA.3R3) to provide certain information to a client when the firm is holding the client’sfinancial instruments or funds (see COBS 6.1ZA.9EU3).(2) COBS 6.1ZA (Information about the firm and compensation information (MiFID provisions)) applies to a
(1) Firms to which COBS 16.4 applies are reminded that, under COBS 16.4, they are required to send to each of their clients at least once a year a statement in a durable medium of those designated investments and/or client money they hold for that client. A firm which manages investments may provide this statement in its periodic statement, as required under COBS 16.3.2(2) COBS 16.4 (Statements of client designated investments or client money) applies, in accordance with COBS
If the relevant credit union client is not receiving advice that constitutes a regulated activity on the deferred share, the firm must assess whether investment in the deferred share is appropriate for the relevant credit union client, complying with the requirements in COBS 10 as if the firm were providing non-advised investment services in the course of MiFID or equivalent third country business.
(1) 7The application of CASS for a trustee firm acting as a depositary is set out in CASS 1.4.6 R and CASS 1.4.7 R.(2) The application of CASS for a trustee firm that is not acting as a depositary is limited as follows:(a) the mandate rules apply;(b) for MiFID business, the custody chapter and the client money chapter apply; and(c) for business that is not MiFID business, the custody chapter and the client money chapter apply only to trustee firms acting as trustees of personal
(1) 7The fact that a firm'sclient is an affiliated company for MiFID business does not affect the operation of CASS to the firm in relation to that client.(2) For business that is not MiFID business, the operation of the custody chapter or the client money chapter may differ if a firm'sclient is an affiliated company and depending on certain other conditions (see, for example, CASS 6.1.10B R and CASS 7.10.26 R7).7
(1) 20
If a MiFID investment firm or a third country investment firm appoints a person to act under its full and unconditional responsibility but only for the purpose of selling, or advising clients in relation to, structured deposits (and not any of the activities within article 4(1)(29) of MiFID), that person will not be a tied agent in respect of that activity.(2)
Unless otherwise provided, this chapter applies to a firm that appoints a structured deposit appointed representative
17For the purposes of DISP 2.3.1AR, the Ombudsman can consider a complaint about an act carried out by a MiFID investment firm that is preparatory to the provision of an investment service or ancillary service which is an integral part of such a service. This includes, for example, generic advice given by a MiFID investment firm to a client prior to, or in the course of, the provision of investment advice or another investment service or ancillary service.
[Note: recitals 15 and
(1) 1The purpose of this chapter is to implement articles 57 and 58 of MiFID by setting out the necessary directions, rules and guidance.(2)
In particular, this chapter sets out the FCA’s requirements in respect of:
(a) articles 57(1) and 57(6) of MiFID, which require competent authorities or central competent authorities to establish limits, on the basis of a methodology determined by ESMA, on the size of a net position which a person can hold, together with those held on the