[Note: article 2(1)(d) of the MiFID Delegated Directive8]. 6If a firm pays away a client's unclaimed safe custody assets to charity or liquidates a client's unclaimed safe custody assets and pays the proceeds to charity under CASS 6.2.10 R it must make and retain, or where the firm already has such records, retain: records of all safe custody assets divested under CASS 6.2.10 R (including details of the value of each asset at that time and the identity of the client to whom the asset was allocated); all relevant documentation (including charity receipts); and. CASS 6.3.4R(4) Records in (1) must be retained indefinitely. In respect of each client, the written agreement in (1) must be retained during the time that the firm makes use, or intends to make use, of the exemption under CASS 6.1.12 R in respect of that client'ssafe custody assets. However, this method is not designed to substitute a firm's other measures for ensuring compliance with the custody rules, such as monitoring the accuracy of its records (see also CASS 6.2.2 R and CASS 6.6.3 R). The value of a shortfall for the purposes of CASS 6.6.54 R may be determined by the previous day's closing mark to market valuation, or if in relation to a particular safe custody asset none is available, the most recently available valuation. Where a firm is acting on a client instruction to lend safe custody assets and where this constitutes consent to entering into the transaction, the firm should hold evidence to demonstrate this. 9. 7 This agreement must, at minimum: set out the binding terms of the arrangement between the firm and the third party; be in force for the duration of that arrangement; and. 9In respect of a firm's business falling under CASS 6.1.1R (1B), the custody rules do not apply to the firm when it is safeguarding and administering investments on behalf of an affiliated company, unless: the firm has been notified that the designated investment belongs to a client of the affiliated company; or. safe custody assets2 A firm must accept the same level of responsibility to its client for any nominee company controlled by the firm, or any nominee company controlled by an affiliated company of the firm,6 with respect of any requirements of the custody rules. safe custody assets2
a client's sale, the client money rules will apply to the relevant money received on settlement.
promptly investigate and, without undue delay, resolve any causes of discrepancies that the evaluation process reveals.
However, Firm A may be safeguarding and administering investments in respect of that UCITS scheme.
They do not store directly information which allows us to identify you personally but are based on uniquely identifying your browser and internet device. A firm that holds physical safe custody assets must perform a physical asset reconciliation for all the physical safe custody assets it holds for clients: as regularly as is necessary but without allowing more than six months to pass between each physical asset reconciliation; and. in bearer form, belonging to the firm and which it holds in its physical possession, are kept separately from any document of title to a 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: 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); journal entry errors (eg, omissions and unauthorised system entries); and. recognises that a failedfirm is required to investigate and resolve discrepancies, but the extent to which it is able to address shortfalls pending the resolution of discrepancies may be limited by insolvency law, for example. CASS 6.2.3B G9, Registration and recording of legal title9, 9 These cookies are necessary for the website to function and cannot be switched off in our systems. The project objectives were to (a) develop enhanced management information to comply with FSA’s new CASS reporting requirements and (b) to oversee the firm’s Operations team in their work to resolve historic unresolved differences on the client money bank account reconciliations. 7This rule applies to a firm following its failure. the safe custody asset is an emission auction product that is a financial instrument; and. the firm complies with CASS 6.2.14 R: the undertaking requirement. the risks to which clients'safe custody assets are exposed, such as the nature, volume and complexity of the firm's business and where and with whom safe custody assets are held. 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 equivalent to the custody rules for the trust property or scheme property; the trustee firm or depositary need comply only with the custody rules listed in the table below. where the firm has found that the value of the shortfall has changed, adjust either or both the number of own applicable assets or the amount of money it has appropriated to ensure that in aggregate the assets and monies set aside are sufficient to cover the changed value of the shortfall. This is outlined in greater detail in the following safeguarding … belonging to a client8 in the name of: the client, unless the client is an authorised person acting on behalf of its client, in which case it may be registered in the name of the client of that authorised person; a nominee company which is controlled by: a third party with whom financial instruments are deposited under CASS 6.3 (Depositing assets and arranging for assets to be deposited with third parties);3, any other third party, if the firm is not a trustee firm but is prevented from registering or recording legal title in the way set out in (1) or (2) and provided that:6, the 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: CASS 6.1.1 R, CASS 6.1.9 G, CASS 6.1.9A G and CASS 6.1.16IB G, CASS 6.2.3 R and where the firm has found that the value of the safe custody asset has changed, adjust the amount of money it has appropriated to ensure that these monies are sufficient to cover the latest value of the safe custody asset. Consistent with a firm's requirements to protect clients'safe custody assets and have adequate organisation arrangements in place (CASS 6.2.1 R and CASS 6.2.2 R), before a firm registers or records legal title to its own applicable asset in the same name as that in which legal title to a client'ssafe custody asset is registered or recorded under CASS 6.2.5 R, it should consider whether there are any means to avoid doing so. They are capable of tracking your browser across other sites and building up a profile of your interests. Clients’ consent may be given once at the start of the commercial relationship, as long as it is sufficiently clear that the client has consented to the use of their safe custody assets. applicable assets2 The record under paragraph (1) must state: the safe custody asset that was disposed of; the value of the consideration received for the safe custody asset disposed of; the name and contact details of the client to whom the safe custody asset was allocated, according to the firm’s records at the time of making the record under this rule; and, the efforts applied by the firm to determine the client’s correct contact details under CASS 6.7.4E(1)(a); or. 2The reasonable steps referred in CASS 6.1.16FR (2) could include obtaining an appropriate legal opinion to that effect. safe custody assets2 CASS 6.6.44 R is registered or recorded if the firm'sapplicable asset is separately identified from the client'ssafe custody asset in the firm's records, and either or both of the conditions in (1) and (2) are met.6, The firm's holding of its own applicable asset arises incidentally to:6, designated investment business it carries on for the account of any client; or6, steps taken by the firm to comply with an applicable custody rule;6, and, in the case of either (a) or (b), the situation where registration or recording of legal title of the firm'sapplicable asset is in the same name as the client'ssafe custody asset under this rule remains in place only to the extent that it is reasonably necessary.6, The registration or recording of legal title of the firm's own applicable asset in the same name as the client'ssafe custody asset is only as a result of the law or market practice of a jurisdiction outside of the United Kingdom.6. Subject to CASS 6.2.3A-1R, a9firm must effect appropriate registration or recording of legal title to a requires them to be deposited with a third party in that third country8; or. These cookies enable the website to provide enhanced functionality and personalisation. is subject to the law or market practice of a jurisdiction outside the United Kingdom and the firm has taken reasonable steps to determine that it is in the client's best interests to register or record it in that way, or that it is not feasible to do otherwise, because of the nature of the applicable law or market practice; and. [Note: article 2(1)(b) of the MiFID Delegated Directive6]. , CASS 6.1.1BR(3), CASS 6.1.9G, CASS 6.1.16IEG, CASS 6.1.22G appropriate a number of applicable assets in accordance with (a) and an amount of money in accordance with (b) which, in aggregate, are sufficient to cover the value of the shortfall.
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 reconciliation. as soon as reasonably practicable after the date to which the internal custody record check relates. the firm provides relevant collateral to make up the difference where the current realisable value of the collateral falls below that of the A firm must make and retain records sufficient to show and explain any decision it has taken under CASS 6.6.44 R when determining the frequency of its internal custody record checks, physical asset reconciliations and external custody reconciliations. The firm must make the record on the date it completes the review and must keep it from that date until five years after the firm ceases to use the third party to hold safe custody assets belonging to clients.
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