Termination of title transfer collateral arrangements - CASS Provision

7.11.9 Termination of title transfer collateral arrangements (1) If a client communicates to a firm that it wishes (whether pursuant to a contractual right or otherwise) to terminate a TTCA, and the client’s communication is not in writing, the firm must make a written record of the client’s communication, which also records the date the communication was received. (2) A firm must keep a client’s written communication, or a written record of the client's communication in (1), for five years starting from the date the communication was received by the firm. (3) (a) If a firm agrees to the termination of a TTCA, it must notify the client of its agreement in writing. The notification must state when the termination is to take effect and whether or not the client’s money will be treated as client money by the firm thereafter. (b) If a firm does not agree to terminate a TTCA, it must notify the client of its disagreement in writing. (4) A firm must keep a written record of any notification it makes to a client under (3) for a period of five years, starting from the date the notification was made. (View Template)

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6.1.8A in a Nutshell™ _{(cass edition)}

7.11.9 If a client asks to terminate any existing TTCA the firm must keep the communication (or a record of it, if not in writing, including the date it was made), and keep it for five years.

If it agrees to the termination, the firm must notify the client in writing, advising it of the effective date of termination and whether the firm will hold the client’s money as client money.

If it does not agree to terminate, it must decline the request in writing.

The firm must keep records of all such responses for five years.

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