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The {{cassprov|Client 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 | The {{cassprov|Client 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 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. | *To agree that moneys in the account are only payable to the CASS firm as trustee, and that the subcustodian has no recourse to that money for claims owed by the {{cassprov|CASS firm}}. | ||
Note this is a different thing from the requirement a custodian has no security interest over client assets under CASS {{cassprov|6.3.5}} and {{cassprov|6.3.6}}. | |||
Anyway, it goes something like this: | Anyway, it goes something like this: | ||