Registration and recording of legal title - CASS Provision

To the extent practicable, a firm must effect appropriate registration or recording of legal title to a safe custody asset in the name of:

(1) the client (or, where appropriate, the trustee firm), unless the client is an authorised person acting on behalf of its client, in which case it may be registered in the name of the client of that authorised person;

(2) a nominee company which is controlled by:

(a) the firm;

(b) an affiliated company;

(c) a recognised investment exchange or a designated investment exchange; or

(d) a third party with whom financial instruments are deposited under CASS 6.3 (Depositing assets and arranging for assets to be deposited with third parties);

(3) any other third party if:

(a) the safe custody asset is subject to the law or market practice of a jurisdiction outside the United Kingdom and the firm has taken reasonable steps to determine that it is in the 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 firm has notified the client in writing;

(4) the firm if:

(a) the safe custody asset is subject to the law or market practice of a jurisdiction outside the United Kingdom and the firm has taken reasonable steps to determine that it is in the 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 firm has notified the client if a professional client, or obtained prior written consent if a retail client.