Related provisions for CASS 7.13.64

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CASS 7.11.1RRP
(1) [deleted]51(2) [deleted]5(3) (a) A firm must not enter into a TTCA in respect of money belonging to a retail client. 5(b) Where a firm entered into a TTCA in respect of money belonging to a retail client (or money which would belong to a retail client but for the arrangement) before 3 January 2018, the firm must terminate that TTCA.5[Note: article 16(10) of MiFID and article 5(5) of the MiFID Delegated Directive]5(4) Money that is subject to a TTCA does not amount to client
CASS 7.11.4ARRP
(1) 5A firm must properly consider and document the use of TTCAs in the context of the relationship between the client’s obligation to the firm and the money subjected to TTCAs by the firm.(2) A firm must be able to demonstrate that it has complied with the requirement under (1).(3) When considering, and documenting, the appropriateness of the use of TTCAs, a firm must take into account the following factors:(a) whether there is only a very weak connection between the client’s
CASS 7.11.6GRP
Where a firm has received full title or full ownership to money under a collateral arrangement, the fact that it has also granted a security interest to its client to secure its obligation to repay that money to the client would not result in the money being client money. This can be compared to a situation in which a firm takes a charge or other security interest over money held in a client bank account, where that money would still be client money as there would be no absolute
CASS 7.11.34RRP
Money ceases to be client money (having regard to CASS 7.11.40 R where applicable) if:(1) it is paid to the client, or a duly authorised representative of the client; or(2) it is:(a) paid to a third party on the instruction of, or with the specific consent of, the client unless it is transferred to a third party in the course of effecting a transaction under CASS 7.14.2 R (Transfer of client money to a third party); or(b) paid to a third party pursuant to an obligation on the
CASS 7.11.38RRP
Client money received or held by the firm for a sub-pool ceases to be client money for that firm to the extent that such client money is transferred by the firm to an authorised central counterparty or a clearing member as a result of porting.
CASS 7.11.42RRP
Subject to CASS 7.11.44 R, money ceases to be client money for a firm if:(1) it is transferred by the firm to another person as part of a transfer of business to that person where the client money relates to the business being transferred;(2) it is transferred on terms which require the other person to return a client's transferred sums to the client as soon as practicable at the client's request;(3) a written agreement between the firm and the relevant client provides that:(a)
CASS 7.11.44RRP
(1) Client money belonging to those categories of clients set out in (2) and in respect of those amounts set out in (2) ceases to be client money of the firm if it is transferred by the firm to another person:(a) as part of a transfer of business to that other person where these sums relate to the business being transferred; and(b) on terms which require the other person to return a client's transferred sums as soon as practicable at the client's request.(2) (a) For retail clients
CASS 7.13.40ARRP
(1) 7Subject to paragraph (2), CASS 7.13.41R to CASS 7.13.49R do not apply to a firm following a primary pooling event.(2) If, at the time of a primary pooling event, a firm has retained money in a client bank account for the purposes of CASS 7.13.41R, that money remains client money for the purposes of the client money rules and the client money distribution and transfer rules.
CASS 7.13.45RRP
The firm's written policy must not conflict with the client money rules or the client money distribution and transfer rules7. If there is a conflict, the client money rules and the client money distribution and transfer rules7 will prevail.
CASS 7.13.53ARRP
(1) 7Subject to paragraphs (2) and (3), CASS 7.13.59R, CASS 7.13.62R(3), CASS 7.13.62R(4) and CASS 7.13.63R to CASS 7.13.67R do not apply to a firm following its failure.(2) If, at the time of a primary pooling event, a firm has retained money in a client bank account for the purposes of alternative approach mandatory prudent segregation under CASS 7.13.65R, that money remains client money for the purposes of the client money rules and the client money distribution and transfer
CASS 7.13.63RRP
During the period between the adjustment in CASS 7.13.62 R (3) and the completion of the next reconciliations in CASS 7.13.62 R (2), a firm that uses the alternative approach for a particular business line may:(1) increase the balance held in its client bank account by making intra-day transfers (during T0) from its own bank account to its client bank account before the completion of the internal client money reconciliation under CASS 7.13.62 R (2) (that is expected sometime later
CASS 7.13.72RRP
(1) If, notwithstanding its reasonable endeavours in accordance with CASS 7.13.71 R, the firm is required under its arrangements with an authorised central counterparty to: (a) receive mixed remittances from the authorised central counterparty5 into a single bank account and pay mixed remittances to the authorised central counterparty from that bank account; or(b) pay mixed remittances to the authorised central counterparty using a single bank account;then such arrangements for
CASS 7.13.72ARRP
(1) 7Subject to paragraphs (2) and (3), CASS 7.13.73R to CASS 7.13.75R do not apply to a firm following a primary pooling event.(2) If, at the time of a primary pooling event, a firm has retained money in a client bank account for the purposes of clearing arrangement mandatory prudent segregation under CASS 7.13.73R, that money remains client money for the purposes of the client money rules and the client money distribution and transfer rules.(3) Where a firm holds a clearing
CASS 7.13.73RRP
(1) Where the circumstances described in CASS 7.13.72 R (1)(a) apply to a firm it must pay an amount (determined in accordance with this rule) of its own money into its client bank account and retain that money in its client bank account (clearing arrangement mandatory prudent segregation). The amount segregated by a firm in its client bank account under this rule will be client money for the purposes of the client money rules and the client money distribution and transfer rules7.
CASS 5.5.34RRP
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
CASS 5.5.40GRP
(1) A firm may operate as many client accounts as it wishes.(2) A firm is not obliged to offer its clients the facility of a designated client bank account.(3) Where a firm holds money in a designated client bank account, the effect upon either:(a) the failure of a bank where any other client bank account is held; or(b) the failure of a third party to whom money has been transferred out of any other client bank account in accordance with CASS 5.5.34 R;(each of which is a secondary
CASS 5.5.81GRP
(1) A firm which pays professional fees (for example to a loss adjuster or valuer) on behalf of a client may do so in accordance with CASS 5.5.80 R (2) where this is done on the instruction of or with the consent of the client.(2) When a firm wishes to transfer client money balances to a third party in the course of transferring its business to another firm, it should do so in compliance with CASS 5.5.80 R and a transferee firm will come under an obligation to treat any client
CASS 5.6.26RRP
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, transferred
CASS 5.6.31RRP
Client money received by the firm after the failure of another broker or settlement agent, to whom the firm has transferred client money that would otherwise have been paid into a client bank account at that broker or settlement agent:(1) must not be transferred to the failed thirty party unless specifically instructed by the client in order to settle an obligation of that client to the failed broker or settlement agent; and(2) must be, subject to (1), placed in a separate client bank
CASS 7A.2.4RRP
If a primary pooling event occurs, then4:(1) (a) in respect of a sub-pool,4 the following is treated as a single notional pool of client money for the beneficiaries of that pool:45(i) any client money held in a client bank account of the firm relating to that sub-pool; and5(ii) any client money held in a client transaction account of the firm relating to that sub-pool, except for client money held in a client transaction account at an authorised central counterparty3 or a clearing
CASS 7A.2.4BGRP
(1) 7The restrictions on transfers of client money at CASS 7A.2.4R(4) are each of the type referred to at regulation 10B(4) of the IBSA Regulations as “a restriction in client money rules”.(2) Where Firm A has complied with the restrictions at CASS 7A.2.4R(4) for any transfers to Firm B, any money transferred to Firm B ceases to be client money held by Firm A (see CASS 7.11.34R(2)(e) (Discharge of fiduciary duty)).(3) But any money returned by Firm B to Firm A in the event of
CASS 7A.2.5RRP
(-2) (a) Subject to paragraph (-2)(b), each client’s entitlement to client money in a notional pool is calculated with reference to the client money requirement as shown by an internal client money reconciliation carried out in accordance with CASS 7.15.15R(4)(a) (Internal client money reconciliations) as at the primary pooling event.7(b) If, as at the primary pooling event, the firm had entered in to one or more cleared margined transactions through the use of a client transaction
CASS 7A.2.6ARRP
(1) 7Before a firm ceases to treat a balance of client money in a notional pool as client money by transferring it to itself under CASS 7.17.2R(5) it must:(a) (subject to paragraph (2)) attempt to distribute the balance to the relevant client or transfer it to another person for safekeeping on behalf of the client in accordance with CASS 7A.2.4R (Pooling and distribution or transfer); (b) (subject to paragraph (3)) take reasonable steps to notify any client in respect of whom
CASS 7.15.15AGRP
(1) 3The reference point for the internal client money reconciliation under CASS 7.15.15R(4)(a) should be the precise point in time at which the primary pooling event occurred.(2) When a firm decides whether it is necessary at any particular point in time to perform an internal client money reconciliation under CASS 7.15.15R(4)(b), it should have particular regard to the need to maintain its books and accounts in order to ensure that:(a) each notional pool of client money formed
CASS 7.15.26CRRP
3When determining the frequency with which it will undertake external client money reconciliations under CASS 7.15.26AR(2) after a primary pooling event, a firm must have regard to:(1) the frequency, number and value of transactions which the firm undertakes in respect of client money; (2) the risks to which the client money is exposed, such as the nature, volume and complexity of the firm’s business and where and with whom client money is held; and(3) the need to be able to verify
CASS 11.13.7RRP
The remaining client money may be transferred under CASS 11.13.6 G only if it will be held by the transferee in accordance with the debt management client money chapter, including the statutory trust in CASS 11.6.1 R.
CASS 7.19.25RRP
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.
CASS 7.10.22RRP
If a CRD credit institution or an approved bank that is not a CRD credit institution wishes to hold client money for a client (rather than hold the money in either of the ways described in CASS 7.10.16 R) it must, before providing designated investment business services to the client, disclose the following information to the client:(1) that the money held for that client in the course of or in connection with the business described under (2) is being held by the firm as client
CASS 7A.3.13RRP
Client money received by the firm after the failure of a bank, exchange, clearing house, intermediate broker, settlement agent or OTC counterparty,3 that would otherwise have been paid into a client bank account or client transaction account at that bank, exchange, clearing house, intermediate broker, settlement agent or OTC counterparty, as the case may be3, for either the general pool or a particular sub-pool2:(1) must not be transferred to the failedperson3 unless specifically
CASS 7A.1.1RRP
1 Subject to CASS 7A.1.1A R, this2 chapter (the client money distribution and transfer rules4) applies to a firm that holds client money which is subject to the client money rules when a pooling event2 occurs.22
CASS 7A.1.1BGRP
2As a result of CASS 7A.1.1A R, the client money distribution and transfer rules4 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 and transfer rules4 do apply to a firm for any client money that it holds other
CASS 5.1.7GRP
(1) Principle 10 (Clients' assets) requires a firm to arrange adequate protection for clients' assets when the firm is responsible for them. An essential part of that protection is the proper accounting and handling of client money. The rules in CASS 5.1 to CASS 5.6 also give effect to the requirement in article 4.4 of the Insurance Mediation Directive5 that all necessary measures should be taken to protect clients against the inability of an insurance intermediary to transfer
CASS 3.1.5GRP
The purpose of this chapter1 is to ensure that an appropriate level of protection is provided for those assets over which a client gives a firm certain rights. The arrangements covered by this chapter1 are those under which the firm is given a right to use the asset, and the firm treats the asset as if legal title and associated rights to that asset had been transferred to the firm subject only to an obligation to return equivalent assets to the client upon satisfaction of the
CASS 7.17.2RRP
Subject to CASS 7.17.3 R in respect of a trustee firm, a firm receives and holds client money as trustee on the following terms:(1) for the purposes of, and on the terms of, the client money rules and the client money distribution and transfer rules1; (2) (a) where a firm maintains only a general pool of client money, subject to (4), for the clients (other than clients which are insurance undertakings when acting as such with respect to client money received in the course of insurance
CASS 10.2.1RRP
A firm must include within its CASS resolution pack:(1) a master document containing information sufficient to retrieve each document in the firm'sCASS resolution pack;(2) a document which identifies the institutions the firm has appointed (including through an appointed representative, tied agent, field representative or other agent):(a) in the case of client money, for the placement of money in accordance with CASS 7.13.3 R1 or to hold client money in accordance with CASS 7.14.2