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7.13.39 - CASS Provision: Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "{{a|cass|{{subtable| {{cassprov|7.13.39}}: Pursuant to the client money segregation requirements, a firm that is operating the normal approach and is liable to pay money to a...") |
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Limiting the ambit of CASS 7.13.39 only to designated investments in connection with which the firm actually is operating the normal approach explains the otherwise anomalous position of a permitted deposit-taking firm which ought to be entitled to the banker’s exemption. In this case, and for these specific designated investments, the firm has elected to offer client money protection, even though it is not obliged to. By doing so it has contracted out of its right to rely on the banker’s exemption. It therefore must, for these specific designated investments, pay connected principal liabilities into the client money pool when they come due. | Limiting the ambit of CASS 7.13.39 only to designated investments in connection with which the firm actually is operating the normal approach explains the otherwise anomalous position of a permitted deposit-taking firm which ought to be entitled to the banker’s exemption. In this case, and for these specific designated investments, the firm has elected to offer client money protection, even though it is not obliged to. By doing so it has contracted out of its right to rely on the banker’s exemption. It therefore must, for these specific designated investments, pay connected principal liabilities into the client money pool when they come due. | ||
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