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Requirement to protect clients' safe custody assets - CASS Provision: Difference between revisions
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Requirement to protect clients' safe custody assets - CASS Provision (view source)
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{{casssnap|6.2.1}} | {{casssnap|6.2.1}} | ||
====Discussion==== | ====Discussion==== | ||
Under CASS 6.2.1 R, a firm is subject to an obligation “when holding safe custody assets belonging to | Under CASS 6.2.1 R, a firm is subject to an obligation “when holding safe custody assets belonging to clients” to “make adequate arrangements so as to safeguard clients'ownership rights, especially in the event of the firm's insolvency, and to prevent the use of safe custody assets belonging to a client on the firm's own account except with the client's express consent”. | ||
CASS 6.1 (which deals with the general application of the custody rules in CASS 6) contains a provision (CASS 6.1.4R) which states that: “The custody rules do not apply where a firm carries on business in its name but on behalf of the client where that is required by the very nature of the transaction and the and the client is in agreement”. | CASS 6.1 (which deals with the general application of the custody rules in CASS 6) contains a provision (CASS 6.1.4R) which states that: “The custody rules do not apply where a firm carries on business in its name but on behalf of the client where that is required by the very nature of the transaction and the and the client is in agreement”. | ||