Related provisions for CASS 11.4.4
1 - 8 of 8 items.
A firm may
hold client money with a bank
that is not an approved bank if
all the following conditions are met:(1) the client money relates to one or more insurance
transactions which are subject to the law or market practice of a jurisdiction
outside the United Kingdom;(2) because
of the applicable law or market practice of that overseas jurisdiction, it
is not possible to hold the client money in
a client bank account with an approved bank;(3) the firm holds the money with
such
A firm must
not undertake any transaction for a consumer5 that involves client money being
passed to another broker or settlement agent located
in a jurisdiction outside the United Kingdom,
unless the firm has previously
disclosed to the consumer5 (whether in its terms of business, client agreement 4or otherwise in writing):554(1) that
his client money may be passed
to a person outside the United Kingdom but the client may
notify the firm that he does
not wish his money to be
(1) A firm need not treat this chapter as applying in respect of a delivery versus payment transaction through a commercial settlement system if it is intended that the
safe custody asset2
is either to be: 2(a) in respect of a client's purchase, due to the client within one business day following the client's fulfilment of a payment obligation; or(b) in respect of a client's sale, due to the firm within one business day following the fulfilment of a payment obligation;unless
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) CASS 5.1 to CASS
5.6 apply, subject to (2), (3) and CASS 5.1.3 R to CASS 5.1.6 R, to a firm that receives
or holds money in the course
of or in connection with its insurance mediation
activity.(2) CASS 5.1 to CASS
5.6 do not, subject to (3), apply:(a) to
a firm to the extent that it
acts in accordance with the client
money chapter; or64(b) to
a firm in carrying on an insurance mediation activity which is in
respect of a reinsurance contract;
or(c) to
an insurance undertaking
3CASS
5.1.5 R (1)(b) and CASS
5.1.5 R (2) do not apply, and hence money is client money, in any case where:(1) in relation to an activity specified
in CASS 5.2.3 R (1)
(a) to CASS 5.2.3 R (1) (c), the insurance undertaking has agreed that the firm may treat money which
it receives and holds as agent of the undertaking,
as client money and in accordance
with the provisions of CASS
5.3 to CASS
5.6; and(2) the agreement in (1) is in writing
and adequate to show that the insurance
A firm may
not handle client money in accordance
with the rules in this section
unless each of the following conditions is satisfied:(1) the firm must have and maintain systems and controls
which are adequate to ensure that the firm is
able to monitor and manage its client money transactions
and any credit risk arising from the operation of the trust arrangement and,
if in accordance with CASS 5.4.2 R a firm complies
with both the rules in CASS
5.3 and CASS
5.4, such systems and