Related provisions for CASS 5.6.10
1 - 5 of 5 items.
If a primary pooling event occurs:(1) 1all client money held in a client bank account or a client transaction account1 of the firm is treated as pooled (forming a notional pool) except for client money held in a client transaction account at an authorised central counterparty;3 or a clearing member which is, in either case, held as part of regulated clearing arrangement;3(2) the firm must distribute client money comprising the notional pool in accordance with CASS 7.7.2 R, so
(-1) 1Each client'sclient equity balance must be reduced by:(a) any amount paid by:3(i) an authorised central counterparty to a clearing member other than the firm in connection with a porting arrangement in accordance with
CASS 7.2.15R (6)
in respect of that client; (ii) a clearing member to another clearing member or firm (other than the firm) in connection with a transfer in accordance CASS 7.2.15R (8);(b) any amount paid by:3(i) an authorised central counterparty directly
If a firm receives a mixed remittance after a primary pooling event, it must:(1) pay the full sum into the separate client bank account opened in accordance with CASS 7A.2.7 R; and(2) pay the money that is not client money out of that client bank account into a firm's own bank account within one business day of the day on which the firm would normally expect the remittance to be cleared.
If a primary
pooling event occurs:(1) client money held in each client
money account of the firm is
treated as pooled;(2) the firm must distribute that client
money in accordance with CASS 5.3.2 R or,
as appropriate, CASS 5.4.7 R, so that each client receives
a sum which is rateable to the client money entitlement
calculated in accordance with CASS 5.5.66 R; and(3) the firm must, as trustee, call in and make demand
in respect of any debt due to the firm as
trustee, and must liquidate
Client
money received by the firm (including
in its capacity as trustee under CASS
5.4 (Non-statutory trust)) after
a primary pooling event must
not be pooled with client money held
in any client money account
operated by the firm at the
time of the primary pooling event.
It must be placed in a client bank account that
has been opened after that event and must be handled in accordance with the client money rules, and returned to the relevant client without delay, except to the
If a firm receives
a mixed remittance after a primary pooling event, it must:(1) pay
the full sum into the separate client bank
account opened in accordance with CASS 5.6.9 R;
and (2) pay
the money that is not client money out of that client
bank account into the firm's own
bank account within one business day of
the day on which the remittance
is cleared.
A firm can
hold client money in either
a general client bank account (CASS 5.5.38 R) or a designated client bank account (CASS 5.5.39 R). A firm holds all client money in general
client bank accounts for its clients as
part of a common pool of money so
those particular clients do
not have a claim against a specific sum in a specific account; they only have
a claim to the client money in
general. A firm holds client money in designated
client bank accounts for those clients who
requested
A firm may
open one or more client bank accounts in
the form of a designated client bank account.
Characteristics of these accounts are that:(1) the
account holds money of one or
more clients;(2) the
account includes in its title the word 'designated';(3) the clients whose money is
in the account have each consented in writing to the use of the bank with
which the client money is to
be held; and(4) in
the event of the failure of
that bank, the account is not pooled with any other