Related provisions for CASS 7.11.38
1 - 5 of 5 items.
Money ceases to be client money (having regard to CASS 7.11.40 R where applicable) if:(1) it is paid to the client, or a duly authorised representative of the client; or(2) it is:(a) paid to a third party on the instruction of, or with the specific consent of, the client unless it is transferred to a third party in the course of effecting a transaction under CASS 7.14.2 R (Transfer of client money to a third party); or(b) paid to a third party pursuant to an obligation on the
If a primary pooling event occurs, then4:(1) (a) in respect of a sub-pool,4 the following is treated as a single notional pool of client money for the beneficiaries of that pool:45(i) any client money held in a client bank account of the firm relating to that sub-pool; and5(ii) any client money held in a client transaction account of the firm relating to that sub-pool, except for client money held in a client transaction account at an authorised central counterparty3 or a clearing
(-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 7.11.34R (6)4
in respect of that client; 4(ii) a clearing member to another clearing member or firm (other than the firm) in connection with a transfer in accordance CASS 7.11.34R (8);44(b) any amount paid by:3(i) an authorised central counterparty directly
The records maintained under this section, including the sub-pool disclosure documents, are a record of the firm that must be kept in a durable medium for at least five years following the date on which client money was last held by the firm for a sub-pool to which those records or the sub-pool disclosure document applied.
Client money received by the firm after the failure of a bank, that would otherwise have been paid into a client bank account at that bank , for either the general pool or a particular sub-pool2:(1) must not be transferred to the failed bank unless specifically instructed by the client in order to settle an obligation of that client to the failed bank; and(2) must be, subject to (1), placed in a separate client bank account relating to the general pool or the particular sub-pool