CASS 7A.1 Application and purpose
Application
1 Subject to CASS 7A.1.1A R, this2 chapter (the client money distribution rules) applies to a firm that holds client money which is subject to the client money rules when a pooling event 2 occurs.
222The client money distribution rules do not apply to any client money held by a trustee firm under CASS 7.10.34R3 to CASS 7.10.40G3.
2As a result of CASS 7A.1.1A R, the client money distribution rules relating to primary pooling events and secondary pooling events will not affect any client money held by a firm in its capacity as trustee firm. Instead, the treatment of that client money will be determined by the terms of the relevant instrument of trust or by applicable law. However, the client money distribution rules do apply to a firm for any client money that it holds other than in that capacity which is subject to the client money rules.
Purpose
The client money distribution rules seek to facilitate the timely return of client money to a client in the event of the failure of a firm or third party at which the firm holds client money.