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Client Money Acknowledgment Letter - CASS Provision: Difference between revisions
Client Money Acknowledgment Letter - CASS Provision (view source)
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In relation to [each of] the {{cassprov|Client Transaction Account}}[s] identified above you agree that: <br> | In relation to [each of] the {{cassprov|Client Transaction Account}}[s] identified above you agree that: <br> | ||
:(d) all money standing to the credit of the {{cassprov|Client Transaction Account}} is payable to us in our capacity as [[trustee]] under the laws applicable to us[, except where, in accordance with your default management procedures in respect of a default by us, you transfer money credited to the {{cassprov|Client Transaction Account}} to anyone other than us in accordance with the “{{tag|EMIR}} Indirect Clearing Default Management Obligations” (as defined at the time of such default in the Financial Conduct Authority’s Handbook of Rules and Guidance)] | :(d) all money standing to the credit of the {{cassprov|Client Transaction Account}} is payable to us in our capacity as [[trustee]] under the laws applicable to us[, except where, in accordance with your default management procedures in respect of a default by us, you transfer money credited to the {{cassprov|Client Transaction Account}} to anyone other than us in accordance with the “{{tag|EMIR}} Indirect Clearing Default Management Obligations” (as defined at the time of such default in the Financial Conduct Authority’s Handbook of Rules and Guidance)] [[and/or]] [ the “{{tag|MiFIR}} Indirect Clearing Default Management Obligations” (as defined at the time of such default in the Financial Conduct Authority’s Handbook of Rules and Guidance)]; | ||
:(e) you do not have any [[Limited recourse|recourse]] or right against money credited to the {{cassprov|Client Transaction Account}} [[in respect of]] any sum owed to you, or owed to any third party, on any other account (including any account we use for our own money), and this means for example that you do not have any right to [[Combination of accounts|combine]] the {{cassprov|Client Transaction Account}} with any other account and any right of [[set-off]] or [[counterclaim]] against money in the {{cassprov|Client Transaction Account}}; and | :(e) you do not have any [[Limited recourse|recourse]] or right against money credited to the {{cassprov|Client Transaction Account}} [[in respect of]] any sum owed to you, or owed to any third party, on any other account (including any account we use for our own money), and this means for example that you do not have any right to [[Combination of accounts|combine]] the {{cassprov|Client Transaction Account}} with any other account and any right of [[set-off]] or [[counterclaim]] against money in the {{cassprov|Client Transaction Account}}; and | ||
:(f) you will title, or have titled, the {{cassprov|Client Transaction Account}} as stated above and that such title is different to the title of any other account containing money that is payable to us in a capacity other than as [[trustee]] or that is payable to any [[third party]]. <br> | :(f) you will title, or have titled, the {{cassprov|Client Transaction Account}} as stated above and that such title is different to the title of any other account containing money that is payable to us in a capacity other than as [[trustee]] or that is payable to any [[third party]]. <br> | ||