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6.4.1 - CASS Provision: Difference between revisions
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{{ | {{a|cass|{{nuts|cass|6.4.1}}}} | ||
“Arrangements for [[securities financing transaction]]s in respect of [[Safe custody asset - CASS Provision|safe custody assets]] held by it on behalf of a client” means [[agent lending]] facilities. This is ''not'' [[rehypothecation]]. Compare with Art 22(7) of UCITS: This is the only exception to the use of assets, also for [[agent lending]] purposes. | |||
The remainder — “... or otherwise use [[Safe custody asset - CASS Provision|safe custody assets]] held in such [[Omnibus account|an account]] for its own account or for the account of any other person” is more like [[PB]] style [[rehypothecation]]. | |||
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, wouldn’t one? | |||
===But sir sir what about {{cassprov|shortfall}}s?=== | |||
{{inadvertent use}} | |||
{{ref}} | |||