Client Money

In the previous article, Custody 101 C, we commenced the review of the various things that can happen during the regular course of holding your clients’ securities under custody. That entire article dealt with financial activities; income and capital payments related to the securities. This article will review various regular events that can take place […]

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On 16 August 2016, the Financial Conduct Authority (FCA) published a statement yesterday to update firms on its October 2012 Consultation Paper 12/20: Review of the client money rules for insurance intermediaries. Despite the ongoing issues with CASS compliance, as highlighted by Towergate only last month, in light of: increased industry focus on protecting client […]

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The Financial Markets Law Committee (FMLC) has published a paper detailing its concerns over the Article 30(2) MiFIR indirect clearing mandate. Article 30 MiFIR allows access to a CCP by a ”client of a client of a clearing member” (indirect client). While the RTS still languishes in draft form, pending possible adjustments to the EMIR […]

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Introduction On 14 April 2015, the FCA published its final notice fining The Bank of New York Mellon London Branch and the Bank of New York Mellon International Limited (together, “BoNY”) a total of £180 million (reduced to £126 million on account of early settlement) for failure to arrange adequate protection of safe custody assets […]

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On 9 March 2015, the FCA published its policy development update for February 2015 (PDU 20) which details forthcoming FCA publications relating to a number of areas, as detailed below:   Business Standards Initiative Current Expected Publication Date Previous Expected Publication Date (PDU 19)  Benchmarks – PS to CP14/28 Q1 2015 Q1 2015 Review of the client money […]

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December 23rd, 2014 by Michael Beaton

On 19 December 2014, the FCA published its Policy Development Update for December 2014 (PDU 18) which details forthcoming FCA publications relating to a number of areas, as detailed below: Prudential Standards Initiative Current Expected Publication Date Previous Expected Publication Date (PDU 17) Recovery and Resolution Directive – PS to CP14/15 January 2015 TBC   […]

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Life for “small AIFMs” [1] will change in a big way on 1 April 2015 and, despite the date, it’s no joke… In Policy Statement 13/5, the FCA made certain amendments to its client assets (CASS) rules in order to ensure that they remained consistent with the Alternative Investment Fund Management Directive (AIFMD) and to […]

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The FCA has updated its webpage, outlining its supervisory priorities arising from EMIR for 2015. Forthcoming areas of focus will include; Counterparty compliance for trade reporting. Connectivity or delegated reporting should have been established, appropriate LEI’s should have been acquired and preparations made for their renewal Clearing Member compliance with Article 39 EMIR in respect […]

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Introduction The requirement to create and maintain a CASS Resolution Pack (CASS RP), formed a key plank in the FCA’s review of the client assets regime in the UK.  It requires each firm which is subject to CASS Chapter 6 (Custody rules) or Chapter 7 (Client money rules) to collate certain information regarding its handling […]

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On 1 July 2014, the FCA published PS14/10 “Client Money held in Individual Savings Accounts”.  The policy statement amends the client money rules[1] and provides confirmation that, from 1 July 2014:

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