Template:CASS Section 7.11.9: Difference between revisions

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(Created page with "{{cassprov|6.1.8A}} :(1) If a {{fcaprov|client}} communicates to a {{fcaprov|firm}} that it wishes (whether pursuant to a contractual right or otherwise) to terminate an arra...")
 
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{{cassprov|6.1.8A}}  
{{cassprov|7.11.9}} [[Termination of title transfer collateral arrangements - CASS Provision|Termination of title transfer collateral arrangements]]
:(1) If a {{fcaprov|client}} communicates to a {{fcaprov|firm}} that it wishes (whether pursuant to a contractual right or otherwise) to terminate an arrangement relating to the transfer of full ownership of its safe custody asset to a firm for the purposes set out in CASS {{cassprov|6.1.6}}R(1) and CASS {{cassprov|6.1.6A}}R(1) and the client's communication is not in writing, the firm must make a written record of the client's communication which also records the date the communication was received. <br>
 
:(2) A firm must keep a client's written communication, or a written record of the client's communication in (1), for five years, starting from the date the communication was received by the firm. <br>
(1) If a [[client]] communicates to a firm that it wishes (whether pursuant to a contractual right or otherwise) to terminate a [[TTCA]], and the client’s communication is not in writing, the firm must make a written record of the client’s communication, which also records the date the communication was received.
:(3)  
 
::(a) If a firm agrees to the termination of an arrangement relating to the transfer of full ownership of a client's safe custody asset to the firm, it must notify the client of its agreement in writing. The notification must state when the termination is to take effect and whether or not the client's safe custody asset will be held under the custody rules by the firm thereafter. <br>
(2) A firm must keep a client’s written communication, or a written record of the client's communication in (1), for five years starting from the date the communication was received by the firm.
::(b) If a firm does not agree to terminate an arrangement relating to the transfer of full ownership of a client's safe custody asset to the firm, it must notify the client of its disagreement in writing.
 
:(4) A firm must keep a written record of any notification it makes to a client under (3) for a period of five years, starting from the date the notification was made. <br>
(3)
 
:(a) If a firm agrees to the termination of a [[TTCA]], it must notify the client of its agreement in writing. The notification must state when the termination is to take effect and whether or not the client’s money will be treated as [[client money]] by the firm thereafter.
 
:(b) If a firm does not agree to terminate a [[TTCA]], it must notify the client of its disagreement in writing.
 
(4) A firm must keep a written record of any notification it makes to a client under (3) for a period of five years, starting from the date the notification was made.<br>

Revision as of 10:55, 22 December 2022

7.11.9 Termination of title transfer collateral arrangements

(1) If a client communicates to a firm that it wishes (whether pursuant to a contractual right or otherwise) to terminate a TTCA, and the client’s communication is not in writing, the firm must make a written record of the client’s communication, which also records the date the communication was received.

(2) A firm must keep a client’s written communication, or a written record of the client's communication in (1), for five years starting from the date the communication was received by the firm.

(3)

(a) If a firm agrees to the termination of a TTCA, it must notify the client of its agreement in writing. The notification must state when the termination is to take effect and whether or not the client’s money will be treated as client money by the firm thereafter.
(b) If a firm does not agree to terminate a TTCA, it must notify the client of its disagreement in writing.

(4) A firm must keep a written record of any notification it makes to a client under (3) for a period of five years, starting from the date the notification was made.

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