Client Money Acknowledgment Letter - CASS Provision: Difference between revisions

Client Money Acknowledgment Letter - CASS Provision (view source)

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+{{anat|cass}}
+The {{cassprov| Money Acknowledgment Letter}} is a letter that a {{cassprov|CASS firm}} must get from any subcustodian it appoints to hold client assets on its behalf. It requires the custodian
+*To acknowledge that the assets are the CASS firm's client assets related to transactions the client is entering;
+*To agree that moneys in the account are only payable to the CASS firm as trustee.
+Anyway, it goes something like this:
+{{box|
 ===[[Client Money Acknowledgment Letter]]===
-We refer to the following transaction accounts which [name of CASS firm], regulated by the [[Financial Conduct Authority]] (Firm Reference Number [FRN]), (“us”, “we” or “our”) has opened or will open with [name of counterparty] (“you” or “your”): ''[insert the account titles, the account unique identifiers (for example, as relevant, account number, reference code or pool ID) and (if applicable) any abbreviated names of the accounts as reflected in the counterparty’s systems]'' (collectively, the “'''{{cassprov|Client Transaction Account}}s'''“).
+We refer to the following transaction accounts which [name of CASS firm], regulated by the [[Financial Conduct Authority]] (Firm Reference Number [FRN]), (“'''us'''”, “'''we'''” or “'''our'''”) has opened or will open with [name of counterparty] (“'''you'''” or “'''your'''”): ''[insert the account titles, the account unique identifiers (for example, as relevant, account number, reference code or pool ID) and (if applicable) any abbreviated names of the accounts as reflected in the counterparty’s systems]'' (collectively, the “'''{{cassprov|Client Transaction Account}}s'''“).
 In relation to each of the {{cassprov|Client Transaction Account}}s identified above you acknowledge that we have notified you that: