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The report noted: | The report noted: | ||
:"... the rapid transfer of client positions to a solvent successor firm was facilitated by the fact that the failed firm held substantially all its (UK) {{cassprov|custody asset}}s in the name of a separate {{cassprov|nominee company}} {{ | :"... the rapid transfer of client positions to a solvent successor firm was facilitated by the fact that the failed firm held substantially all its (UK) {{cassprov|custody asset}}s in the name of a separate {{cassprov|nominee company}} {{tag|subsidiary}}. It was possible to transfer the shares in that {{cassprov|nominee company}} as part of the transfer of client positions. The transfer of the shares in the {{cassprov|nominee company}} was sufficient to produce the result that all the client holdings registered in that nominee passed into the control of the transferee, without the need for transfers of individual holdings. I recommend that consideration be given by the FCA to encouraging this practice." | ||
{{casssnap|6.2.4}} | {{casssnap|6.2.4}} |