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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]]. | 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}} | The rule, which was not significantly modified by [[MiFID II]], you can see in original here: {{handbook|CASS|9|3}} | ||
{{Seealso}} | {{Seealso}} | ||
*[[Prime brokerage]] | *[[Prime brokerage]] | ||
{{ref}} | {{ref}} |