Template:CASS Section 6.3.4B: Difference between revisions
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:(2) that the third party will hold or record a {{cassprov|safe custody asset}} belonging to the {{fcaprov|firm}}’s {{fcaprov|client}} separately from any applicable asset belonging to the {{fcaprov|firm}} or to the third party; <br> | :(2) that the third party will hold or record a {{cassprov|safe custody asset}} belonging to the {{fcaprov|firm}}’s {{fcaprov|client}} separately from any applicable asset belonging to the {{fcaprov|firm}} or to the third party; <br> | ||
:(3) the arrangements for registration or recording of the {{cassprov|safe custody asset}}, if this will not be registered in the {{fcaprov|firm}}’s {{fcaprov|client}}’s name; <br> | :(3) the arrangements for registration or recording of the {{cassprov|safe custody asset}}, if this will not be registered in the {{fcaprov|firm}}’s {{fcaprov|client}}’s name; <br> | ||
:(4) the restrictions over the circumstances in which the third party may withdraw | :(4) the restrictions over the circumstances in which the third party may withdraw assets from the account; <br> | ||
:(5) the procedures and authorities for the passing of instructions to, or by, the {{fcaprov|firm}}; <br> | :(5) the procedures and authorities for the passing of instructions to, or by, the {{fcaprov|firm}}; <br> | ||
:(6) the procedures for the claiming and receiving of dividends, interest payments and other entitlements accruing to the {{fcaprov|firm}}'s {{fcaprov|client}}; and <br> | :(6) the procedures for the claiming and receiving of dividends, interest payments and other entitlements accruing to the {{fcaprov|firm}}'s {{fcaprov|client}}; and <br> | ||
:(7) the provisions detailing the extent of the third party’s liability in the event of the loss of a {{cassprov|safe custody asset}} caused by the fraud, wilful default or negligence of the third party or an agent appointed by him. <br> | :(7) the provisions detailing the extent of the third party’s liability in the event of the loss of a {{cassprov|safe custody asset}} caused by the fraud, wilful default or negligence of the third party or an agent appointed by him. <br> | ||
Latest revision as of 08:48, 9 May 2017
6.3.4B (G) A firm should consider carefully the terms of any agreement entered into with a third party under CASS 6.3.4A R. The following terms are examples of the issues that should be addressed in these agreements (where relevant):
- (1) that the title of the account in the third party’s books and records indicates that any safe custody asset credited to it does not belong to the firm;
- (2) that the third party will hold or record a safe custody asset belonging to the firm’s client separately from any applicable asset belonging to the firm or to the third party;
- (3) the arrangements for registration or recording of the safe custody asset, if this will not be registered in the firm’s client’s name;
- (4) the restrictions over the circumstances in which the third party may withdraw assets from the account;
- (5) the procedures and authorities for the passing of instructions to, or by, the firm;
- (6) the procedures for the claiming and receiving of dividends, interest payments and other entitlements accruing to the firm's client; and
- (7) the provisions detailing the extent of the third party’s liability in the event of the loss of a safe custody asset caused by the fraud, wilful default or negligence of the third party or an agent appointed by him.