Registration and recording of legal title - CASS Provision: Difference between revisions

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(Created page with "To the extent practicable, a {{isdaprov|firm}} must effect appropriate registration or recording of legal title to a safe {{isdaprov|custody asset}} in the name of: :(1) the {...")
 
(Replaced content with "{{casssnap|6.2.3}} {{cassanatomy}}")
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To the extent practicable, a {{isdaprov|firm}} must effect appropriate registration or recording of legal title to a safe {{isdaprov|custody asset}} in the name of:
{{casssnap|6.2.3}}
:(1) the {{isdaprov|client}} (or, where appropriate, the {{isdaprov|trustee firm}}), unless the {{isdaprov|client}} is an {{isdaprov|authorised person}} acting on behalf of its {{isdaprov|client}}, in which case it may be registered in the name of the {{isdaprov|client}} of that {{isdaprov|authorised person}};
{{cassanatomy}}
:(2) a {{isdaprov|nominee company}} which is controlled by:
::(a) the {{isdaprov|firm}};
::(b) an {{isdaprov|affiliated company}};
::(c) a {{isdaprov|recognised investment exchange}} or a {{isdaprov|designated investment exchange}}; or
::(d) a third party with whom {{isdaprov|financial instruments}} are deposited under CASS {{isdaprov|6.3}} ({{isdaprov|Depositing assets and arranging for assets to be deposited with third parties}});
:(3) any other third party if:
::(a) the {{isdaprov|safe custody asset}} is subject to the law or market practice of a jurisdiction outside the {{isdaprov|United Kingdom}} and the {{isdaprov|firm}} has taken reasonable steps to determine that it is in the {{isdaprov|client}}'s best interests to register or record it in that way, or that it is not feasible to do otherwise, because of the nature of the applicable law or market practice; and
::(b) the {{isdaprov|firm}} has notified the {{isdaprov|client}} in writing;
:(4) the {{isdaprov|firm}} if:
::(a) the {{isdaprov|safe custody asset}} is subject to the law or market practice of a jurisdiction outside the {{isdaprov|United Kingdom}} and the {{isdaprov|firm}} has taken reasonable steps to determine that it is in the {{isdaprov|client}}'s best interests to register or record it in that way, or that it is not feasible to do otherwise, because of the nature of the applicable law or market practice; and
::(b) the {{isdaprov|firm}} has notified the {{isdaprov|client}} if a {{isdaprov|professional client}}, or obtained prior written consent if a {{isdaprov|retail client}}.

Revision as of 10:37, 20 November 2012

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