Collateral - CASS Provision: Difference between revisions

Collateral - CASS Provision (view source)

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-{{cassquote|{{CASS Section 3}}|3}}
+{{a|cass|{{cassquote|{{CASS Section 3}}|3}}}}The much talked-about, seldom seen Rule {{cassprov|3}} of CASS, which says if you take [[Title transfer collateral arrangement|title to collateral]], or if you [[reuse]] [[Security collateral arrangement|collateral that was pledged to you]] so that it is ''like'' you took title to it in the first place, and you have only an obligation to return an “[[equivalent]]” asset, then you have to keep decent books and generally be a good egg about it.
-{{cassanatomy}}
+So:
+*if you ''don’t'' take title, CASS {{cassprov|6}}  ([[Custody assets - CASS Provision|custody]]) and CASS {{cassprov|7}} ([[client money]], with all its lovely exemptions) apply.
+*if you ''do'' take title, CASS {{cassprov|3}} ([[Collateral - CASS Provision|collateral]], with all its lovely brevity) applies.
+For what it is worth (imho, a lot) CASS {{cassprov|3}} is ''much'' shorter and less confusing.