Related provisions for CASS 6.3.9
1 - 5 of 5 items.
Client money received by the firm after the failure of a bank, that would otherwise have been paid into a client bank account at that bank :(1) must not be transferred to the failed bank unless specifically instructed by the client in order to settle an obligation of that client to the failed bank; and(2) must be, subject to (1), placed in a separate client bank account that has been opened after the secondary pooling event and either:(a) on the written instruction of the client,
If a primary pooling event occurs:(1) 1all client money held in a client bank account or a client transaction account1 of the firm is treated as pooled (forming a notional pool) except for client money held in a client transaction accountthat is an individual client account or an omnibus client account at an authorised central counterparty;(2) the firm must distribute client money comprising the notional pool in accordance with CASS 7.7.2 R, so that each client receives a sum
(-1) 1Each client'sclient equity balance must be reduced by:(a) any amount paid by an authorised central counterparty to a clearing member other than the firm in connection with a porting arrangement in accordance with CASS 7.2.15R (6) in respect of that client;(b) any amount paid by an authorised central counterparty directly to that client, in accordance with CASS 7.2.15R (7); and(c) any amount that must be distributed to that client by the firm in accordance with CASS 7A.2.4R
2Where a firm is subject to the client money chapter and5 the insurance client money chapter ,5 it must ensure segregation between money held under each chapter, including that money held under different chapters is held, in different, separately designated, client bank accounts or client transaction accounts.55