Prime brokerage agreement disclosure annex: Difference between revisions
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The famous [[prime brokerage disclosure annex]] mandated by CASS {{cassprov|9.3}}. Note especially the second part, which refers explicity to the [[CF10a]]’s personal responsibility for making sure everything is tickety-boo. Which will mean your local [[CF10a]] might be inclined, almost imperceptibly, to obsess madly about your catalogue of [[prime brokerage disclosure annexe]]s at every waking moment (yours or {{sex|his}}). | The famous [[prime brokerage disclosure annex]] mandated by CASS {{cassprov|9.3}}. Note especially the second part, which refers explicity to the [[CF10a]]’s personal responsibility for making sure everything is tickety-boo. Which will mean your local [[CF10a]] might be inclined, almost imperceptibly, to obsess madly about your catalogue of [[prime brokerage disclosure annexe]]s at every waking moment (yours or {{sex|his}}). | ||
Strictly speaking, one only needs a [[PBDA]] if one is [[Reuse|reusing]] or (as our American friends like to say, “[[Rehypothecation|rehypothecating]]” [[client assets]]. If you don’t [[reuse]] custody assets — that is, you have no right to transfer them to your own account for your own nefarious purposes<ref>not really nefarious, obviously</ref>, you don't need to provide your client with a [[PBDA]]. | |||
The rule you can see in original here: {{handbook|CASS|9|3}} | |||
If that’s a click too far, here’s a summary: | |||
{{Nuts|CASS|9.3}} | {{Nuts|CASS|9.3}} | ||
And | And here’s the whole thing (but check the original just in case it has been updated): | ||
{{casssnap|9.3}} | {{casssnap|9.3}} | ||
{{cassanatomy}} | {{cassanatomy}} | ||
Revision as of 19:10, 1 November 2016
The famous prime brokerage disclosure annex mandated by CASS 9.3. Note especially the second part, which refers explicity to the CF10a’s personal responsibility for making sure everything is tickety-boo. Which will mean your local CF10a might be inclined, almost imperceptibly, to obsess madly about your catalogue of prime brokerage disclosure annexes at every waking moment (yours or his).
Strictly speaking, one only needs a PBDA if one is reusing or (as our American friends like to say, “rehypothecating” client assets. If you don’t reuse custody assets — that is, you have no right to transfer them to your own account for your own nefarious purposes[1], you don't need to provide your client with a PBDA.
The rule you can see in original here: CASS Chapter 9 If that’s a click too far, here’s a summary:
9.3 in a Nutshell™ (CASS edition)
Template:Nutshell CASS 9.3
And here’s the whole thing (but check the original just in case it has been updated):
Update to {{anat|cass}}
- ↑ not really nefarious, obviously