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Collateral - CASS Provision: Difference between revisions
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{{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. | {{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. | ||
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. | 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. | For what it is worth (imho, a lot) CASS {{cassprov|3}} is ''much'' shorter and less confusing. | ||