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Treatment of shortfalls - CASS Provision: Difference between revisions
Treatment of shortfalls - CASS Provision (view source)
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CASS {{cassprov|6.6.54}} R applies where there is an unresolved {{fcaprov|shortfall}}.<br> | CASS {{cassprov|6.6.54}} R applies where there is an unresolved {{fcaprov|shortfall}}.<br> | ||
:(1) Until it is resolved, the {{fcaprov|firm}} must either: | :(1) Until it is resolved, the {{fcaprov|firm}} must either: | ||
::(a) hold enough {{fcaprov|applicable assets}} to cover the {{fcaprov|shortfall}} | ::(a) hold enough {{fcaprov|applicable assets}} to cover the {{fcaprov|shortfall}} and, in doing so: <br> | ||
:::(i) separate the {{fcaprov|applicable assets}} from the {{fcaprov|firm}}’s own property, recording them in its {{fcaprov|client-specific safe custody asset record}} as being held for the relevant {{fcaprov|client}}; <br> | :::(i) separate the {{fcaprov|applicable assets}} from the {{fcaprov|firm}}’s own property, recording them in its {{fcaprov|client-specific safe custody asset record}} as being held for the relevant {{fcaprov|client}}; <br> | ||
:::(ii) | :::(ii) record the {{fcaprov|shortfall}}, the relevant {{fcaprov|client}}s, and the {{fcaprov|applicable assets}} the {{fcaprov|firm}} has appropriated; and <br> | ||
:::(iii) update that record whenever the discrepancy is resolved; or | :::(iii) update that record whenever the discrepancy is resolved; or | ||
::(b) hold enough money to cover the {{fcaprov|shortfall | ::(b) hold enough money to cover the {{fcaprov|shortfall}} as {{fcaprov|client money}} and, in doing so: <br> | ||
:::(i) ensure it is segregated and recorded as being held for the relevant {{fcaprov|client}}; <br> | :::(i) ensure it is segregated and recorded as being held for the relevant {{fcaprov|client}}; <br> | ||
:::(ii) | :::(ii) record the {{fcaprov|shortfall}}, the relevant {{fcaprov|client}}s, and amount of money the {{fcaprov|firm}} has appropriated; and <br> | ||
:::(iii) update that record whenever the discrepancy is resolved; or | :::(iii) update that record whenever the discrepancy is resolved; or | ||
::(c) a combination of the two. | ::(c) a combination of the two. | ||