Related provisions for MCOB 5.4.20
2When a trustee firm or depositary acts as a custodian for a trust or collective investment scheme and:
- (1)
the trust or scheme is established by written instrument; and
- (2)
the trustee firm or depositary has taken reasonable steps to determine that the relevant law and provisions of the trust instrument or scheme constitution will provide protections at least equivalent to the custody rules for the trust property or scheme property;
the trustee firm or depositary need comply only with the custody rules listed in the table below.
Reference |
Rule |
CASS 6.1.1 R to CASS 6.1.9 G and CASS 6.1.15 G to CASS 6.1.16C R |
Application |
Trustees and depositaries |
|
General purpose |
|
Protection of clients' safe custody assets |
|
Registration and recording |
|
Holding |
|
Use of safe custody assets |
|
Records, accounts and reconciliations |
2Only the custody rules in the table below apply to a firm when arranging safeguarding and administration of assets.
Reference |
Rule |
CASS 6.1.1 R to CASS 6.1.9 G and CASS 6.1.15 G to CASS 6.1.16B R |
Application |
Arrangers |
|
General purpose |
|
Arranging for assets to be deposited with third parties |
|
Records |
Schedule to the Recognition Requirements Regulations, paragraph 3
2(1) |
The [UK RIE] must ensure that the systems and controls used in the performance of its [relevant functions] are adequate, and appropriate for the scale and nature of its business. |
|
(2) |
Sub-paragraph (1) applies in particular to systems and controls concerning - |
|
(a) |
the transmission of information; |
|
(b) |
the assessment, mitigation and management of risks to the performance of the [UK RIE'srelevant functions]; |
|
(c) |
the effecting and monitoring of transactions on the [UK RIE]; |
|
(ca) |
the technical operation of the [UK RIE], including contingency arrangements for disruption to its facilities; |
|
(d) |
the operation of the arrangements mentioned in paragraph 4(2)(d); and |
|
(e) |
(where relevant) the safeguarding and administration of assets belonging to users of the [UK RIE's] facilities. |