Template:Nutshell cass 6.4.1: Difference between revisions

Template:Nutshell cass 6.4.1 (view source)

31 bytes added , 31 January 2018

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 ::(a) the client has given [[express prior consent]] to their use ''on specified terms''; and
 ::(b) the firm only uses them on those specified terms.
-:6.4.1(2) '''[[Omnibus account]]s''': A firm may not use [[custody assets]] for [[securities financing]] transactions that it holds on a client’s behalf in an [[omnibus account]] held by a third party, or otherwise use custody assets held in such an account for its own or any one else’s account unless, in addition to (1):
+:{{cassprov|6.4.1}}(2) '''[[Omnibus account]]s''': A firm may not use [[custody assets]] for [[securities financing]] transactions that it holds on a client’s behalf in an [[omnibus account]] held by a third party, or otherwise use custody assets held in such an account for its own or any one else’s account unless, in addition to (1):
 ::(a) each affected client in the omnibus account has given [[express prior consent]] as above; ''or''
 ::(b) the firm has in place systems to ensure that only assets belonging to those clients who have given express prior consent are used.
-:(3) [[express prior consent]] ''of a retail client under this rule'' means the retail client’s signature (or equivalent).
+:{{cassprov|6.4.1}}(3) [[express prior consent]] ''of a retail client under this rule'' means the retail client’s signature (or equivalent).