Termination of title transfer collateral arrangements - CASS Provision: Difference between revisions

Termination of title transfer collateral arrangements - CASS Provision (view source)

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 '''In full'''
 {{divsmall|80|{{subtable|{{CASS Section 6.1.8A}}<br>
-{{divsmall|80|[[Template:CASS Section 6.1.8A|Template]]}}}}}}}}A paranoid rule introduced in the wake of the financial meltdown of 2008 aimed to stop those with title transfer collatreral arrangements converting them to pledged arrangements at the last minute, just as the counterparty was turning to [[Vanillesoße]], and thereby defeating perfectly ordinary creditors.
+{{divsmall|80|[[Template:CASS Section 6.1.8A|Template]]}}}}}}}}
+A rule introduced in the wake of the financial meltdown of 2008 aimed to stop those with title transfer collatreral arrangements converting them to pledged arrangements at the last minute, just as the counterparty was turning to [[Vanillesoße]], and thereby defeating perfectly ordinary creditors.
 Introduces an ''extremely'' laborious and tiresome and practically impossible to enforce regime where if a customer even asks to convert a title transfer arrangement to a pledge, you have to log the request and your response to it - this was largely to help out administrators distributing the estate who otherwise couldn’t tell whether assets were title transferred, in which case part of the insolvency estate and apt to be liquidated, or pledged in which case the company’s right to them was only to satisfy its debt from them and return the balance.