cass safeguarding

for the account of another person8 with a third party who is subject to such regulation.

[Note: article 2(1)(d) of the MiFID Delegated Directive8]. Report your concerns to CASS. These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. Where a firm deposits safe custody assets belonging to a client with a third party or where a third party is responsible for the registration of legal title to that asset,2 in complying with the requirements of CASS 6.6.34 R, the firm should seek to ensure that the third party provides the firm with adequate information (for example in the form of a statement) as at a date specified by the firm which details the description and amounts of all the safe custody assets credited to the relevant account(s) and that this information is provided in sufficient time to allow the firm to carry out its external custody reconciliations under CASS 6.6.37 R. If a firmacting as trustee or depositary of an AIF that is an authorised AIF deposits safe custody assets belonging to a client with a third party, under article 89(1)(c) (Safekeeping duties with regard to assets held in custody) of the AIFMD level 2 regulation, the firm should seek to ensure that the third party provides the firm with adequate information (for example in the form of a statement) as at a date or dates specified by the firm which details the description and amounts of all the safe custody assets credited to the account(s) and that this information is provided in adequate time to allow the firm to carry out the periodic reconciliations required under article 89(1)(c) (Safekeeping duties with regard to assets held in custody) of the AIFMD level 2 regulation. A firm that has failed is not required to take steps under paragraph (2) in relation to the firm’s own applicable assets or money in so far as the legal procedure for the firm’sfailure prevents the firm from taking any such steps.7.

An internal custody record check is a check as to whether the firm's records and accounts of the safe custody assets held by the firm (including, for example, those deposited with third parties under CASS 6.3 (Depositing safe custody assets with third parties)) correspond with the firm's obligations to its clients to hold those safe custody assets. 1A firm must, when holding sets out the matters which a firm must have regard to when determining the frequency at which to undertake a physical asset reconciliation. to CASS 6.1.24G, CASS 6.2.3R retained by the firm, and, where (1)(b)7 applies, by the group member, indefinitely.

means that a firm must not base its internal custody record checks on any records that the firm may have obtained from any third parties, such as those with whom it may have deposited, or through whom it may have registered legal title to, clients'safe custody assets. [Note: article 2(1)(b) of the MiFID Delegated Directive6].

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The custody rules do not apply to a firm that is managing an AIF or managing a UCITS in relation to excluded custody activities, except where the firm is a small AIFM.10, The custody rules can apply to a firm that is managing an AIF or managing a UCITS in relation to activities that are not excluded custody activities. 9Following the termination of a TTCA14 , where a firm does not immediately return the safe custody assets to the client the firm should consider whether the custody rules apply in respect of the safe custody assets pursuant to CASS 6.1.1R14. to 2Administrative convenience alone should not lead a personal investment firm to rely on CASS 6.1.16C R. Personal investment firms should consider what is in the client's interest and not rely on CASS 6.1.16C R as a matter of course. The notification must state when the termination is to take effect and whether or not the client'ssafe custody asset will be held under the custody rules by the firm thereafter. The internal system evaluation method is available to any firm, including one that is not able to use the internal custody reconciliation method because it does not meet the requirements at CASS 6.6.16R (1) and CASS 6.6.16R (2).

details of the communications the firm had or attempted to make with the client concerned pursuant to CASS 6.2.10R (4). A firm must perform further external custody reconciliations on a regular basis: A firm must determine the frequency at which it will undertake its internal custody record checks and physical asset reconciliations under paragraph (4), and its external custody reconciliations under paragraph (5) with regard to: the frequency, number and value of transactions which the firm undertakes in respect of clients’safe custody assets; the risks to which clients’safe custody assets are exposed, such as the nature, volume and complexity of the firm’s business, and where and with whom safe custody assets are held; and. for its own account or the account of any other person or6client of the firm, unless: the client has given express prior consent to the use of the

Compliance with paragraph (1) may be relied on as tending to establish compliance with CASS 6.7.2R(1)(b).

the close monitoring and prompt requesting of undelivered securities outstanding on the settlement day and beyond.

If any records and accounts of the relevant third parties under CASS 6.6.35R relating to the time of the firm’sfailure are unavailable, the firm must use the next available records and accounts to perform the external custody reconciliation under sub-paragraph (a). CASS 6.6.37R the firm provides relevant collateral to make up the difference where the current realisable value of the collateral falls below that of the

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