Recording title to safe custody assets - CASS Provision: Difference between revisions

Recording title to safe custody assets - CASS Provision (view source)

495 bytes added , 14 May 2020

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 ===Law and Market practice outside the UK===
-“It is often the case that where a firm uses a sub custodian in a particular overseas market that recognises nominee registration, it is likely that the sub custodian will register both the firm’s own assets and any custody assets the firm held through that sub custodian in the same nominee name.”
+:“It is often the case that where a firm uses a sub custodian in a particular overseas market that recognises nominee registration, it is likely that the sub custodian will register both the firm’s own assets and any custody assets the firm held through that sub custodian in the same nominee name.”
+The FCA recognising you cannot regulate for far-flung jurisdictions. It is all very well requiring all [[sub-custodian]]s to segregate client assets from their, and your, own and hold them in [[nominee]] accounts and so on, but if, in a far-flung jurisdiction, this is not legally permissible or, as a matter of course, local [[sub-custodian]]s simply ''don’t'' do this — hence reference to “[[market practice]]” — you are rather in a cleft stick. The FCA rules are, here pragmatic.