Related provisions for CASS 6.6.53

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CASS 6.6.1GRP
This section sets out the requirements a firm must meet when keeping records and accounts of the safe custody assets it holds for clients.
CASS 6.6.2RRP
A firm must keep such records and accounts as necessary to enable it at any time and without delay to distinguish safe custody assets held for one client from safe custody assets held for any other client, and from the firm's own applicable assets.[Note: article 2(1)(a) of the MiFID Delegated Directive6]
CASS 6.6.3RRP
A firm must maintain its records and accounts in a way that ensures their accuracy, and in particular their correspondence to the safe custody assets held for clients and that they may be used as an audit trail6.[Note: article 2(1)(b) of the MiFID Delegated Directive6]
CASS 6.6.5GRP
(1) The requirements in CASS 6.6.2 R to CASS 6.6.4 R are for a firm to keep internal records and accounts of clients'safe custody assets. Therefore any records falling under those requirements should be maintained by the firm, and should be separate to any records the firm may have obtained from any third parties, such as those with whom it may have deposited, or through whom it may have registered legal title to, clients'safe custody assets.6(2) The FCA expects that compliance
CASS 6.6.10GRP
(1) An internal custody record check is one of the steps a firm takes to satisfy its obligations under:(a) Principle 10 (Clients' assets);(b) CASS 6.2.2 R (Requirement to have adequate organisational arrangements);(c) CASS 6.6.2 R to CASS 6.6.4 R (Records and accounts); and(d) where relevant, SYSC 4.1.1 R (General requirements) and SYSC 6.1.1 R (Compliance).(2) An internal custody record check is a check as to whether the firm's records and accounts of the safe custody assets
CASS 6.6.14RRP
A firm must only use its internal records (for example its depot and client-specific ledgers for safe custody assets or other internal accounting records) in order to perform an internal custody record check.
CASS 6.6.19RRP
The internal system evaluation method requires a firm to:(1) establish a process that evaluates: (a) the completeness and accuracy of the firm's internal records and accounts of safe custody assets held by the firm for clients, in particular whether sufficient information is being completely and accurately recorded by the firm to enable it to:(i) comply with CASS 6.6.4 R; and(ii) readily determine the total of all the safe custody assets that the firm holds for its clients; and(b)
CASS 6.6.20GRP
The evaluation process under CASS 6.6.19R (1) should verify that the firm's systems and controls correctly identify and resolve at least the following types or causes of discrepancies:(1) items in the firm's records and accounts that might be erroneously overstating or understating the safe custody assets held by a firm (for example, 'test' entries and 'balancing' entries);(2) negative balances;(3) processing errors;(4) journal entry errors (eg, omissions and unauthorised system
CASS 6.6.21GRP
(1) A physical asset reconciliation is a separate process to the internal custody record check. Firms that hold physical safe custody assets for clients are required to perform both processes. (2) The purpose of a physical asset reconciliation is to check that a firm's internal records and accounts of the physical safe custody assets kept by the firm for clients are accurate and complete, and to ensure any discrepancies are investigated and resolved.
CASS 6.6.24RRP
When performing a physical asset reconciliation a firm must:(1) count all the physical safe custody assets held by the firm for clients as at the date to which the physical asset reconciliation relates; and(2) compare the count in (1) against what the firm's internal records and accounts state as being in the firm's possession as at the same date.
CASS 6.6.27RRP
If a firm completes a physical asset reconciliation in a single stage, such that the firm:(1) performs a single count under CASS 6.6.24R (1) which encompasses all the physical safe custody assets held by the firm for clients as at the date to which the physical asset reconciliation relates; and (2) compares that count against the firm's internal records and accounts in accordance with CASS 6.6.24R (2);then the firm will have used the total count method for that physical asset
CASS 6.6.28RRP
If a firm completes a physical asset reconciliation in two or more stages, such that the firm: (1) performs two or more counts under CASS 6.6.24R (1) (each on a separate occasion and relating to a different stock line or group of stock lines forming part of the firm's overall holdings of physical safe custody assets) which, once all of the counts are complete, encompass all the physical safe custody assets held by the firm for clients; and (2) compares each of those counts against
CASS 6.6.33GRP
The purpose of an external custody reconciliation is to ensure the completeness and accuracy of a firm's internal records and accounts of safe custody assets held by the firm for clients against those of relevant third parties.
CASS 6.6.34RRP
A firm must conduct, on a regular basis, reconciliations between its internal records and accounts of safe custody assets held by the firm for clients and those of any third parties by whom those safe custody assets are held.[Note: article 2(1)(c) of the MiFID Delegated Directive6]
CASS 6.6.35RRP
In CASS 6.6.34 R, the third parties whose records and accounts a firm is required to reconcile its own internal records and accounts with must include:(1) the third parties with which the firm has deposited clients'safe custody assets;3(2) where the firm has not deposited a client'ssafe custody asset with a third party:3(a) the third parties responsible for the registration of legal title to that safe custody asset; or33(b) a person acting as an operator for the purposes of any
CASS 6.6.43GRP
A firmacting as trustee or depositary of an AIF that is an authorised AIF should perform the reconciliation under article 89(1)(c) (Safekeeping duties with regard to assets held in custody) of the AIFMD level 2 regulation: (1) as regularly as is necessary having regard to the frequency, number and value of transactions which the firm undertakes in respect of safe custody assets, but with no more than one month between each reconciliation; and(2) as soon as reasonably practicable
CASS 6.6.46ARRP
(1) 7This rule applies to a firm following its failure. (2) A firm must perform an internal custody record check and a physical asset reconciliation that relates to the time of its failure as soon as reasonably practicable after its failure.(3) (a) A firm must perform an external custody reconciliation that relates to the time of its failure as soon as reasonably practicable after its failure.(b) If any records and accounts of the relevant third parties under CASS 6.6.35R relating
CASS 6.6.54RRP
(1) This rule applies where a firm identifies a discrepancy as a result of, or that reveals, a shortfall, which the firm has not yet resolved.(2) Subject to paragraphs (3) and (4)7, until the discrepancy is resolved a firm must do one of the following:(a) appropriate a sufficient number of its own applicable assets to cover the value of the shortfall and hold them for the relevant clients under the custody rules in such a way that the applicable assets, or the proceeds of their
CASS 6.6.57RRP
A firm must inform the FCA in writing without delay if:(1) its internal records and accounts of the safe custody assets held by the firm for clients are materially out of date, or materially inaccurate or invalid, so that the firm is no longer able to comply with the requirements in CASS 6.6.2 R to CASS 6.6.4 R; or(2) 5it is a firmacting as trustee or depositary of an AIF and has not complied with, or is materially unable to comply with, the requirements in CASS 6.6.2 R or in
CASS 11.11.1RRP
A CASS debt management firm must keep such records and accounts as are necessary to enable it, at any time and without delay, to distinguish client money held for one client from client money held for any other client, and from its own money.
CASS 11.11.2GRP
In accordance with CASS 11.11.1 R, a CASS debt management firm must maintain internal records and accounts of the client money it holds (for example, a cash book). These internal records are separate to any external records it has obtained from approved banks with whom it has deposited client money (for example, bank statements).
CASS 11.11.3RRP
A CASS debt management firm must maintain its records and accounts in a way that ensures their accuracy and, in particular, their correspondence to the client money held for individual clients.
CASS 11.11.6GRP
So that a CASS debt management firm may check that it has sufficient money segregated in its client bank accounts to meet its obligations to clients for whom it is undertaking debt management activity, it is required periodically to carry out reconciliations of its internal records and accounts to check that the total amount of client money that it should have segregated in client bank accounts is equal to the total amount of client money it actually has segregated in client bank
CASS 11.11.7GRP
For a CASS small debt management firm to demonstrate it has maintained its records and accounts in a way envisaged by CASS 11.11.3 R, it should carry out checks of its internal records and accounts that are reasonable and proportionate to its business. CASS 11.11.8 R provides a rule that a CASS small debt management firm is obliged to follow to meet this obligation.
CASS 11.11.8RRP
A CASS small debt management firm must undertake periodic checks of its internal accounts and records to ensure that the amount of money it holds in its client bank accounts is equal to the amount of client money that should be segregated under CASS 11.9.
CASS 11.11.9RRP
In carrying out the checks required by CASS 11.11.8 R a CASS small debt management firm must use the values contained in its internal records and ledgers (for example, its cash book or other internal accounting records), rather than the values contained in the records it has obtained from approved banks with whom it has deposited client money (for example, bank statements).
CASS 11.11.10GRP
The checks that a CASS small debt management firm is required to undertake under CASS 11.11.8 R include checking that its internal records and accounts accurately record the balances of client money held in respect of individual clients, and that the aggregate of those individual client money balances are equal to the total client money segregated in its client bank accounts. In undertaking the comparison between the internal records of balances of client money and the client
CASS 11.11.11GRP
In seeking to comply with its obligation to carry out checks on its internal records and accounts, a CASS small debt management firm may choose to follow the steps specifically required of CASS large debt management firms in undertaking a CASS large debt management firm internal client money reconciliation and CASS large debt management firm external client money reconciliation. A CASS small debt management firm which follows that procedure is likely to be regarded by the FCA
CASS 11.11.12RRP
Where the check of its internal records and accounts that a CASS small debt management firm is required to undertake under CASS 11.11.8 R reveals a difference between the amount of money it holds in its client bank accounts and the amount of client money that should be held and segregated under CASS 11.9, a CASS small debt management firm must:(1) ensure that any shortfall in the amount held in its client bank accounts as compared to the amount that should be held there is made
CASS 11.11.15RRP
In carrying out a CASS large debt management firm internal client money reconciliation, a CASS large debt management firm must use the values contained in its internal records and ledgers (for example, its cash book or other internal accounting records), rather than the values contained in the records it has obtained from approved banks with whom it has deposited client money (for example, bank statements).
CASS 11.11.20GRP
The following guidance applies where a CASS debt management firm receives client money in the form of cash, a cheque or other payable order:(1) In carrying out the calculation of the client money requirement, a CASS debt management firm may initially include the amount of client money received as cash, cheques or payment orders that has not yet been deposited in a client bank account in line with CASS 11.9.5 R. If it does so, the firm should ensure, before finalising the calculation,
CASS 11.11.24GRP
The purpose of the reconciliation process required by CASS 11.11.25 R is to ensure the accuracy of a firm's internal accounts and records against those of any third parties by whom client money is held.
CASS 11.11.25RRP
A CASS large debt management firm should perform a CASS large debt management firm external client money reconciliation:(1) as regularly as is necessary; and(2) no less frequently than the CASS large debt management firm internal client money reconciliations; and(3) as soon as reasonably practicable after the date to which the reconciliation relates;to ensure the accuracy of its internal accounts and records against those of approved banks with whom client money is deposited.
CASS 11.11.26RRP
A CASS large debt management firm external client money reconciliation requires a CASS large debt management firm to conduct a reconciliation between its internal accounts and records and those of any approved banks by whom client money is held.
CASS 11.11.30RRP
A CASS debt management firm must inform the FCA in writing without delay if:(1) its internal records and accounts of client money are materially out of date or materially inaccurate so that the firm is no longer able to comply with the requirements in CASS 11.11.1 R to CASS 11.11.4 R; or(2) it becomes aware that, at any time in the preceding 12 months, the amount of client money segregated in its client bank accounts materially differed from the total aggregate amount of client
CASS 7.15.1GRP
(1) This section sets out the requirements a firm must meet when keeping records and accounts of the client money it holds.(2) Where a firm establishes one or more sub-pools, the provisions of CASS 7.15 (Records, accounts and reconciliations) shall be read as applying separately to the firm'sgeneral pool and each sub-pool in line with CASS 7.19.3 R and CASS 7.19.4 R.
CASS 7.15.2RRP
A firm must keep such records and accounts as are necessary to enable it, at any time and without delay, to distinguish client money held for one client from client money held for any other client, and from its own money.[Note: article 2(1)(a) of the MiFID Delegated Directive2]
CASS 7.15.3RRP
A firm must maintain its records and accounts in a way that ensures their accuracy, and in particular their correspondence to the client money held for clients and that they may be used as an audit trail2.[Note: article 2(1)(b) of the MiFID Delegated Directive2]
CASS 7.15.4GRP
(1) The requirements in CASS 7.15.2R to CASS 7.15.3R are for a firm to keep internal records and accounts of client money. Therefore, any records falling under those requirements should be maintained by the firm and should be separate to any records the firm may have obtained from any third parties, such as those with or through whom it may have deposited, or otherwise allowed to hold, client money. 2(2) Where a firm complies with CASS 7.15 as a whole (to the extent applicable
CASS 7.15.12RRP
An internal client money reconciliation requires a firm to carry out a reconciliation of its internal records and accounts of the amount of client money that the firm holds for each client with its internal records and accounts of the client money the firm should hold in client bank accounts or has placed in client transaction accounts.
CASS 7.15.13RRP
In carrying out an internal client money reconciliation, a firm must use the values contained in its internal records and ledgers (for example, its cash book or other internal accounting records) rather than the values contained in the records it has obtained from banks and other third parties with whom it has placed client money (for example, bank statements).
CASS 7.15.14GRP
An internal client money reconciliation should:(1) be one of the steps a firm takes to arrange adequate protection for clients' assets when the firm is responsible for them (see Principle 10 (Clients' assets), as it relates to client money);(2) be one of the steps a firm takes to satisfy its obligations under CASS 7.12.2 R and CASS 7.15.3 R and, where relevant, SYSC 4.1.1R (1) and SYSC 6.1.1 R, to ensure the accuracy of the firm's records and accounts;(3) for the normal approach
CASS 7.15.20RRP
A firm must conduct, on a regular basis, reconciliations between its internal records and accounts and those of any third parties which hold client money.[Note: article 2(1)(c) of the MiFID Delegated Directive2]
CASS 7.15.21GRP
The purpose of an external client money reconciliation is to ensure the accuracy of a firm's internal records and accounts against those of any third parties by whom client money is held.
CASS 7.15.32RRP
While a firm is unable to immediately resolve a discrepancy identified by an external client money reconciliation, and one record or set of records examined by the firm during its external client money reconciliation indicates that there is a need to have a greater amount of client money or, if appropriate, approved collateral than is the case, the firm must assume, until the matter is finally resolved, that that record or set of records is accurate and, subject to CASS 7.15.32AR,3
CASS 7.15.33RRP
A firm must inform the FCA in writing without delay if: (1) its internal records and accounts of client money are materially out of date, inaccurate or invalid so that the firm is no longer able to comply with the requirements in CASS 7.15.2 R, CASS 7.15.3 R or CASS 7.15.5 R (1);(2) it will be unable to, or materially fails to, pay any shortfall into a client bank account or withdraw any excess from a client bank account so that the firm is unable to comply with CASS 7.15.29 R
CREDS 2.2.24GRP
SYSC 9.1.1 R requires that a credit union takes reasonable care to make and retain adequate records of all matters governed by the Act or the CCA, 4 secondary legislation under the Act or the CCA, 4 or rules (including accounting records). These records should be capable of being reproduced in the English language and on paper.
CREDS 2.2.26GRP
The main reasons why a credit union should maintain adequate accounting and other records are:(1) to provide the governing body5 with adequate financial and other information to enable it to conduct its business in a prudent manner on a day-to-day basis;(2) to safeguard the assets of the credit union and the interests of members and persons too young to be members; (3) to assist officers of the credit union to fulfil their regulatory and statutory duties in relation to the preparation
CREDS 2.2.28ARRP
5The governing body must satisfy itself that the accounting and other records are maintained in a complete, integrated and orderly manner in order to disclose, with reasonable accuracy and promptness, the state of the business at any time.
CREDS 2.2.31GRP
Some important compliance issues include:(1) insurance against fraud and dishonesty;(2) arrangements for the prevention, detection and reporting of money laundering;(3) establishing and maintaining a satisfactory system of control;(4) keeping proper books of account;(5) computation and application of profits;(6) investment of surplus funds;(7) capital requirements; (8) liquidity requirements;(9) limits on shares and loans;(10) maintenance of membership records;(11) submission
CREDS 2.2.43GRP
The purposes of an internal audit are:(1) to ensure that the policies and procedures of the credit union are followed;(2) to provide the governing body5 with a continuous appraisal of the overall effectiveness of the control systems, including proposed changes;(3) to recommend improvements where desirable or necessary;(4) to determine whether the internal controls established by the governing body5 are being maintained properly and operated as laid down in the policy, and comply
CREDS 2.2.46GRP
The key elements of a satisfactory system of internal audit include the following:(1) Terms of reference. These should be specified with precision and include, amongst other things, scope and objectives of the audit committee and the internal audit function (see CREDS 2.2.11G), access to records, powers to obtain information and explanations for officers, and reporting requirements. These should be approved by the governing body5. (2) Risk analysis. Key risks in each area of the
CASS 6.1.8CGRP
9When a firm notifies a client under CASS 6.1.8AR (3)(a) of when the termination of a TTCA14 is to take effect, it should take into account:(1) any relevant terms relating to such a termination that have been agreed with the client; and(2) the period of time it reasonably requires to return the safe custody asset to the client or to update the registration under (Holding of client assets) CASS 6.2and update its records under CASS 6.6 (Records, accounts and reconciliations).
CASS 6.1.8EGRP
(1) 9Following the termination of a TTCA14 , where a firm does not immediately return the safe custody assets to the client the firm should consider whether the custody rules apply in respect of the safe custody assets pursuant to CASS 6.1.1R14.(2) Where the custody rules apply to a firm for safe custody assets in these circumstances then the firm is required to comply with those rules and should, for example, update the registration under CASS 6.2(Holding of client assets), update
CASS 6.1.12RRP
(1) Subject to (2) and CASS 6.1.12B R and with the written agreement of the relevant client, a9firm need not treat this chapter as applying in respect of a delivery versus payment transaction through a commercial settlement system if:9929(a) in respect of a client's purchase, the firm intends for the asset in question to be due to the client within one business day following the client's fulfilment of its payment obligation to the firm;9 or9(b) in respect of a client's sale, the
CASS 6.1.16FRRP
2When a trustee firm or depositary acts as a custodian for a trust or collective investment scheme, (except for a firmacting as trustee or depositary of an AIF and a firmacting as trustee or depositary of a UCITS12), and: 7(1) the trust or scheme is established by written instrument; and (2) the trustee firm or depositary has taken reasonable steps to determine that the relevant law and provisions of the trust instrument or scheme constitution will provide protections at least
CASS 6.1.16IARRP
(1) 7Subject to (2), when a firm is acting as trustee or depositary of an AIF the firm need comply only with the custody rules in the table below:ReferenceRuleCASS 6.1.1 R, CASS 6.1.9 G, CASS 6.1.9A G and CASS 6.1.16IB GApplicationCASS 6.1.22 G to CASS 6.1.24 GGeneral purposeCASS 6.2.3 R and CASS 6.2.3B G9 to CASS 6.2.6 G9Registration and recording of legal title9CASS 6.2.7 RHoldingCASS 6.6.2 R, CASS 6.6.4 R, CASS 6.6.6 R, CASS 6.6.7 R, CASS 6.6.57R (2) and CASS 6.6.58 G99Records,
CASS 6.1.16IDRRP
12When a firm is acting as trustee or depositary of a UCITS, the firm need comply only with the custody rules in the table below:ReferenceRuleCASS 6.1.1R, CASS 6.1.1BR(3), CASS 6.1.9G, CASS 6.1.16IEGApplicationCASS 6.1.22G to CASS 6.1.24GGeneral purposeCASS 6.2.3R, CASS 6.2.3AR, CASS 6.2.3BG, CASS 6.2.7RHolding of client assets13CASS 6.6.2R, CASS 6.6.4R, CASS 6.6.7R, CASS 6.6.41AG, CASS 6.6.57R(2A), CASS 6.6.58GRecords, accounts and reconciliations
CASS 7.16.9GRP
(1) A firm should ensure that the amount it reflects in its internal client money reconciliation as its client money resource is equal to the aggregate balance on its client bank accounts. For example, if:(a) a firm holds client money received as cash, cheques or payment orders but not yet deposited in a client bank account (in accordance with CASS 7.13.32 R); and(b) that firm records all receipts from clients, whether or not yet deposited with a bank, in its cashbook (see CASS
CASS 7.16.18GRP
(1) A firm which utilises the net negative add-back method is reminded that it must do so in a way which allows it to maintain its records so that, at any time, the firm is able to promptly determine the total amount of client money it should be holding for each client (see CASS 7.15.5 R (1)).(2) For the purposes of CASS 7.16.17 R, a firm should be able to readily use the figures previously recorded in its internal records and ledgers (for example, its cashbook or other internal
CASS 7.16.26GRP
(1) Under CASS 7.16.25 R (3), where a firm holds client money received as cash, cheques or payment orders but not yet deposited in a client bank account under CASS 7.13.32 R, it may:(a) include these balances when calculating its client money requirement (eg, where the firm records all receipts from clients, whether or not yet deposited with a bank, in its cashbook); or(b) exclude these balances when calculating its client money requirement (eg, where the firm only records client
CASS 7.13.32RRP
Where a firm receives client money in the form of cash, a cheque or other payable order, it must:(1) pay the money in accordance with CASS 7.13.6 R, promptly, and no later than on the business day after it receives the money into a client bank account, unless either:(a) the money is received by a business line for which the firm uses the alternative approach, in which case the money must be paid into the firm's own bank account promptly, and no later than on the business day after
CASS 7.13.33RRP
Where a firm receives client money in the form of a cheque that is dated with a future date, unless the firm returns the cheque it must:(1) pay the money in accordance with CASS 7.13.6 R, promptly, and no later than the date on the cheque if the date is a business day or the next business day after the date on the cheque; (2) in the meantime, hold it in a secure location in accordance with Principle 10; and(3) record the receipt of the money in the firm's books and records in
CASS 7.13.52GRP
Firms are reminded that payments and records made in accordance with CASS 7.13.51 R should not be used as a substitute for a firm keeping accurate and timely records in accordance with CASS 7.15 (Records, accounts and reconciliations) and requirements under SYSC 4.1.1 R (General requirements) and SYSC 6.1.1 R (Compliance).
LR 13.5.4RRP
(1) A listed company must present all financial information that is disclosed in a class 1 circular in a form that is consistent with the accounting policies adopted in its own latest annual consolidated accounts.(2) The requirement set out in (1) does not apply when financial information is presented in accordance with:22(a) DTR 4.2.6 R, in relation only to financial information for the listed company presented for periods after the end of its last published annual accounts;
LR 13.5.7GRP
In complying with LR 13.5.6 R a listed company should:(1) state whether the financial information was extracted from accounts, internal financial accounting records, internal management accounting records, an external or other source;(2) state whether financial information that was extracted from audited accounts was extracted without material adjustment; and(3) indicate which aspects of the financial information relate to:(a) historical financial information;(b) forecast or estimated
LR 13.5.30BRRP
(1) 2In the case of a class 1 disposal, a financial information table must include for the target:(a) the last annual consolidated balance sheet; (b) the consolidated income statements for the last three years drawn up to at least the level of profit or loss for the period; and(c) the consolidated balance sheet and consolidated income statement (drawn up to at least the level of profit or loss for the period) at the issuer's interim balance sheet date if the issuer has published
CASS 7A.3.2RRP
CASS 7A.3.6 R to CASS 7A.3.12AR3 do not apply if, on the failure of the relevant person:3(1) there is no secondary pooling shortfall; or3(2) where there is a secondary pooling shortfall, the firm pays an amount equal to the amount of client money which would have been held at that person if a secondary pooling shortfall had not occurred either:3(a) to its clients in the appropriate amounts such that they are compensated by the amount of the secondary pooling shortfall that they
CASS 7A.3.4GRP
When a person to which client money held by the firm has been transferred under CASS 7.13.3R(1) to CASS 7.13.3R(3) (Depositing client money) or CASS 7.14.2R (Client money held by a third party) fails,3 and the firm decides not to make good any secondary pooling shortfall3 in the amount of client money held at that person (see CASS 7A.3.2R(2))3, a secondary pooling event will occur3. The firm should3 reflect the secondary pooling shortfall3 that arises3 in the general pool (where
CASS 7A.3.8RRP
Money Subject to CASS 7A.3.8AR, if a secondary pooling event occurs as a result of the failure of a bank, intermediate broker, settlement agent, OTC counterparty, exchange or clearing house, money3 held in each general client bank account and client transaction account of the firm for the general pool or a sub-pool2must be treated as pooled and:(1) any secondary pooling shortfall3 in client money held, or which should have been held, in general client bank accounts and client
CASS 7A.3.8ARRP
3If a secondary pooling event occurs as a result of the failure of an authorised central counterparty: (1) any money held in a client transaction account that is an individual client account at the failedauthorised central counterparty is not pooled by the firm with any of its other client money;(2) any money held in a client transaction account that is an omnibus client account at the failedauthorised central counterparty is not pooled by the firm with any of its other client
CASS 7A.3.10RRP
For each client with a designated client bank account maintained by the firm for the general pool or a particular sub-pool and2 held at the failed bank:(1) any secondary pooling shortfall3 in client money held, or which should have been held, in designated client bank accounts that has arisen as a result of the failure, must be borne by all the clients of the relevant pool2 whose client money is held in a designated client bank account of the firm at the failed bank, rateably
CASS 7A.3.11RRP
Money held by the firm2 in each designated client fund account for the general pool or a particular sub-pool with the failedbank must be treated as pooled with any other designated client fund accounts for the general pool or a particular sub-pool as the case may be2 which contain part of the same designated fund and:2(1) any secondary pooling shortfall3 in client money held, or which should have been held, in designated client fund accounts that has arisen as a result of the
CASS 7.19.4RRP
Where a firm establishes one or more sub-pools, CASS 7.151 (Records, accounts and reconciliations) shall be read as applying separately to the firm'sgeneral pool and each sub-pool.1
CASS 7.19.5GRP
A firm that establishes one or more sub-pools must establish and maintain adequate internal controls and records in accordance with CASS 7.151 (Records, accounts and reconciliations) to conduct internal and external reconciliations for each sub-pool and the general pool individually. 1
COLL 4.5.10RRP
The comparative information12 required by COLL 4.5.7 R12 (Contents of the annual long report) and COLL 8.3.5A R (Contents of the annual report) must be shown for the last three annual accounting periods (or all of the authorised fund'sannual accounting periods, if fewer than three) and must set out:1212(1) [deleted]1212(1A) for a unit of each class in issue, a comparative table as at the end of the period to which the report relates, prepared in accordance with the requirements
COLL 4.5.12RRP
The authorised fund manager must ensure that the report of the auditor to the unitholders includes the following statements:33(1) whether, in the auditor's opinion, the accounts have been properly prepared in accordance with the IMA SORP, the rules in this sourcebook, and the instrument constituting the fund;1010(2) whether, in the auditor's opinion, the accounts give a true and fair view of the net revenue3and the net capital 3gains or losses on3the scheme property of the authorised
SYSC 4.5.15GRP
(1) [deleted] [Editor’s note: The text of this provision has been moved to SYSC 25.5.2G(1)]3(2) [deleted] [Editor’s note: The text of this provision has been moved to SYSC 25.5.2G(2)]3(3) [deleted] [Editor’s note: The text of this provision has been moved to SYSC 25.5.2G(3)]3(4) [deleted] [Editor’s note: The text of this provision has been moved to SYSC 25.5.2G(4)]3(5) [deleted] [Editor’s note: The text of this provision has been moved to SYSC 25.5.3G]3
SUP 16.8.23RRP
1A firm must make and retain such records as will enable it to:(1) monitor regularly the persistency of life policies and stakeholder pensions effected through each of its representatives; and (2) make persistency reports or data reports to the FCA11 in accordance with SUP 16.8.3R10. 11
CASS 6.3.4BGRP
6A firm should consider carefully the terms of any agreement entered into with a third party under CASS 6.3.4A R. The following terms are examples of the issues that should be addressed in these agreements (where relevant):(1) that the title of the account in the third party's books and records indicates that any safe custody asset credited to it does not belong to the firm;(2) that the third party will hold or record a safe custody asset belonging to the firm'sclient separately
SUP 12.9.5RRP
2If a UK MiFID investment firm appoints an EEA tied agent this section applies to that firm as though the EEA tied agent were an appointed representative.
CASS 11.9.5RRP
Where a CASS debt management firm receives client money in the form of cash, a cheque or other payable order, it must:(1) pay the money into a client bank account in accordance with CASS 11.9.1 R promptly and no later than on the business day after it receives the money;(2) if the firm holds the money overnight, hold it in a secure location in line with Principle 10; and(3) record the receipt of the money in the firm's books and records under the applicable requirements of CASS
CASS 11.9.7RRP
(1) A CASS debt management firm must allocate in its books and records any client money it receives to an individual client promptly and, in any case, no later than five business days following the receipt. (2) Pending a CASS debt management firm's allocation of a client money receipt to an individual client under (1), it must record the received client money in its books and records as "unallocated client money".
CASS 11.9.8RRP
If a CASS debt management firm receives money (either in a client bank account or an account of its own) which it is unable immediately to identify as client money or its own money, it must:(1) take all necessary steps to identify the money as either client money or its own money;(2) if it considers it reasonably prudent to do so, given the risk that client money may not be adequately protected if it is not treated as such, treat the entire balance of money as client money and
ICOBS 8.4.9RRP
The conditions referred to in ICOBS 8.4.4R (2)(d) and ICOBS 8.4.7R (1)(a)(ii) are that the tracing office is one which:(1) maintains a database which:(a) accurately and reliably stores information submitted to it by firms for the purposes of complying with these rules;(b) has systems which can adequately keep it up to date in the light of new information provided by firms;(c) has an effective search function which allows a person inputting data included on the database relating