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6.4.1 - CASS Provision: Difference between revisions
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This doesn’t seem to have changed under [[MiFID 2]]. Except for being clear about the means for evidencing "[[express prior consent]]" which one would like to think is the same as [[prior express consent]] - a term used elsewhere in [[MiFID II]], but then again one would like to think they could have used the SAME GODDAMN EXPRESSION in all places. | This doesn’t seem to have changed under [[MiFID 2]]. Except for being clear about the means for evidencing "[[express prior consent]]" which one would like to think is the same as [[prior express consent]] - a term used elsewhere in [[MiFID II]], but then again one would like to think they could have used the SAME GODDAMN EXPRESSION in all places. | ||
{{nuts|cass|6.4.1}} | {{nuts|cass|6.4.1}} | ||
===Settlement fails and shortfalls | ===Settlement fails and [[Shortfall - CASS Provision|shortfalls]] and [[express prior consent]]=== | ||
The [[Jolly Contrarian | ''Warning: tedious passage approaching''<br> | ||
The [[Jolly Contrarian]]’s view is that shortfalls arising through settlement fails in an omnibus account are not covered by “omnibus use” in {{cassprov|6.4.1}}(2) and therefore do not require a client’s [[express prior consent]]: | |||
*[[Shortfall - CASS Provision|Shortfall]]s arising as a result of inbound settlement failures are not in the nature of deliberate, or even really “inadvertent” use of [[client assets]]: They are {{cassprov|shortfall}}s arising as a result of complying with client instructions on their own assets, and are covered by the [[Shortfall - CASS Provision|Shortfalls]] language introduced after PS14/9 by CASS {{cassprov|6.6.54}} R. | *[[Shortfall - CASS Provision|Shortfall]]s arising as a result of inbound settlement failures are not in the nature of deliberate, or even really “inadvertent” use of [[client assets]]: They are {{cassprov|shortfall}}s arising as a result of complying with client instructions on their own assets, and are covered by the [[Shortfall - CASS Provision|Shortfalls]] language introduced after PS14/9 by CASS {{cassprov|6.6.54}} R. | ||
*As {{cassprov|shortfall}}s, they have been subject to comprehensive review (PS14/9) and detailed specific provisions (CASS {{cassprov|6.6.54}}R) which do not require [[prior express consent]]. | *As {{cassprov|shortfall}}s, they have been subject to comprehensive review (PS14/9) and detailed specific provisions (CASS {{cassprov|6.6.54}}R) which do not require [[prior express consent]]. | ||