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{{anat|cass}} | {{anat|cass|}} | ||
The DVP exemption allows a firm a waiver from the full rigours of the CASS safe custody and [[client money]] rules or the client money rules for money or assets delivered to the firm when settling a [[delivery versus payment]] transaction. As long as the transaction takes place through a [[commercial settlement system]], is intended to settle within one business day of the client's payment or delivery, and actually does settle within the “[[DVP window]]” (a period from the intended settlement date to the close of business on the third business day thereafter). | The DVP exemption allows a firm a waiver from the full rigours of the CASS safe custody and [[client money]] rules or the client money rules for money or assets delivered to the firm when settling a [[delivery versus payment]] transaction. As long as the transaction takes place through a [[commercial settlement system]], is intended to settle within one business day of the client's payment or delivery, and actually does settle within the “[[DVP window]]” (a period from the intended settlement date to the close of business on the third business day thereafter). | ||
===[[PS14/9]]=== | ===The changes wrought by [[PS14/9]]=== | ||
The DVP exemption was tightened up by the {{tag|FCA}} in the great CASS overhaul following its market position paper [[PS14/9]] because the FCA was concerned about a lack of clarity/creative looseness as to: | The DVP exemption was tightened up by the {{tag|FCA}} in the great CASS overhaul following its market position paper [[PS14/9]] because the FCA was concerned about a lack of clarity/creative looseness as to: | ||
*what a "[[commercial settlement system]]" is in practice, as it was not defined. Reaction: [[Commercial settlement system|define it]]. | *what a "[[commercial settlement system]]" is in practice, as it was not defined. Reaction: [[Commercial settlement system|define it]]. | ||
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{{seealso}} | {{seealso}} | ||
*{{cassprov|7.11.14}} - | *{{cassprov|7.11.14}} - [[client money]] DVP exemption. | ||
*{{cassprov|6.1.12}} - | *{{cassprov|6.1.12}} - [[custody]] DVP exemption. |