Related provisions for CASS 7.18.2
1 - 9 of 9 items.
The main purposes of an acknowledgement letter are:(1) to put the bank, exchange, clearing house, intermediate broker, OTC counterparty or other person (as the case may be) on notice of a firm'sclients' interests in client money that has been deposited with, or has been allowed to be held by, such person;(2) to ensure that the client bank account or client transaction account has been opened in the correct form (eg, whether the client bank account is being correctly opened as
(1) For each client bank account, a CASS debt management firm must, in accordance with CASS 11.8.4 R, complete and sign a client bank account acknowledgement letter clearly identifying the client bank account, and send it to the approved bank with whom the client bank account is, or will be, opened, requesting the bank to acknowledge and agree to the terms of the letter by countersigning it and returning it to the firm.(2) Subject to CASS 11.8.6 R, a CASS debt management 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.
Subject to CASS 11.1.6 R, only the rules and guidance in the debt management client money chapter listed in the table below apply to CASS small debt management firms.ReferenceRuleCASS 11.1.1 R to CASS 11.1.4 R and CASS 11.1.6 RApplicationCASS 11.2.1 R to CASS 11.2.9 GFirm classificationCASS 11.3.1 R to CASS 11.3.2 R and CASS 11.3.6 RResponsibility for CASS operational oversightCASS 11.4.1 G to CASS 11.4.4 GDefinition of client money and discharge of fiduciary dutyCASS 11.5.1 R