23 rd September. CASS Seminar, London. Issues arising out of CP13/5 a legal perspective. Ash Saluja 23 September 2013.

Save this PDF as:

Size: px
Start display at page:

Download "23 rd September. CASS Seminar, London. Issues arising out of CP13/5 a legal perspective. Ash Saluja 23 September 2013."

Transcription

1 Issues arising out of CP13/5 a legal perspective Ash Saluja 23 September 2013 Scope and timing Revisions to rules on client assets for investment businesses i.e.: CASS 6 (custody assets) CASS 7 (client money) CASS 8 (mandates) Multiple client money pools for EMIR implementation purposes Client distribution rules (CASS 7A) speeding up pay outs Comments due on bulk of proposals p by 11 October 2013 a number of points worth lobbying on Mosty changes due to be implemented after 6 month transition period, once final rules published by FCA in H

2 Remember the policy objective Main goal of CASS regime is to ensure that on insolvency or failure of the firm (a primary pooling event), client assets are easily identifiable and can be returned to clients rather than being claimed for the benefit of all creditors of the firm Risks arise due to: unresolved deficits due to errors or debts (e.g. failure to recognise client assets as such and so comply with CASS) uncertainty over records intra-day/transfer risk (e.g. on the alternative approach/dvp exemptions as not all client money will be in a client account when firm fails) Main objectives of this review are to improve the speed and size of return of client assets following the failure of a firm holding client assets (e.g. by making sure firms records identify all relevant client money) Client money scope of CASS 7 Money received or held by a firm for or on behalf of a client in the course of or in connection the firm s MiFID business or designated investment business FCA is expecting firms to know the basis on which money is held and so when the statutory trust applies Banking exemption: FCA wants banks to be clearer with clients when they rely on this exemption banks must genuinely treat the money as a deposit (e.g. if they do not hold the deposit on their balance sheet and hold the money with a third party bank it will be client money) Trustee firms (e.g. SIPP trustees who are also SIPP operator/administrator): currently subject to limited application of certain CASS 7 rules - FCA allowing firms to opt-in to full application of some these (e.g. segregation, records & reconciliations, acknowledgment of trust) clarification that on a primary pooling event, CASS 7A does not apply to monies held under separate trust deed (effectively they are outside the client money pool) 2

3 CASS 7 changes receipt and segregation Immediate (rather than prompt) segregation of client money into client accounts for firms not operating the alternative approach (i.e. direct to client account) Must allocate unidentified receipts of client money to specific client(s) within 5 business days Physical receipts (cash, cheques, payment orders) recorded immediately and paid within 1 business day into client money bank account firms may not use to conduct business until cleared Prudent over-segregation (or buffers) to be formalised basis on which money placed in client money bank account has to be clear (i.e. it will be client money rather than firm money) and firms are not permitted to use without clear reason (i.e. specific liability or risk) Use of alternative approach to segregation (where client money is mingled with firm s house money, and transfers are made between house accounts and client accounts on reconciliation) limited to certain multi-currency, multiproduct firms who must justify use and put in place appropriate protections (including buffers) CASS 7 changes client money banks Greater onus on appropriate p diversification specific factors to be considered enhanced due diligence (financial soundness, deposit protection) Acknowledgement of trust letters FCA now proposes template wording following discussions with the banks to be on firm s letterhead, although arguably better to be on bank letterhead to avoid verification and potential fraud issues counter-signature required from bank to the letter and firm must take reasonable steps to ensure signatory is authorised firms must obtain the acknowledgment BEFORE placing client money in the account (rather than within a 20 business day grace period post account opening) requirements cover client money bank accounts with overseas banks also initial repapering exercise expected within 6 month transition period of rules coming into force firms also expected to review letters annually 3

4 CASS 7 changes use of fixed term deposits (1) Client money is placed by firms with banks on a fixed term deposit or in notice accounts in order to get a better interest rate either for an individual client (designated account) or clients generally (pooled account) FCA is concerned: that firms will be unable to take action to move client money if they consider the bank is no longer suitable (e.g. change on credit rating, adverse announcement, high potential to fail etc.) if bank fails then a secondary pooling event will occur - clients with a designated account at that bank or clients generally if a pooled account is held with that bank, will suffer as a result If primary pooling event occurs (i.e. firm itself fails) then there will be a material delay in returning money to clients CASS 7 changes use of fixed term deposits (2) FSA raised concerns (questionnaire in August 2012 on term deposits and Dear CF10a letter on unbreakable deposits) and asked firms to (i) review policies and procedures in this area and (ii) confirm to the FSA the details of any unbreakable client money term deposits CP proposes to prohibit term deposits and/or notice accounts where the principal cannot be recovered within 1 business day of a withdrawal request FCA considers that clients cannot agree to client money being held in an unbreakable deposit, as a primary pooling event affects all clients with entitlements to the client money pool need to open the account/put the deposit in the client s name so avoiding CASS 7 but falling under CASS 8 Lobby FCA for a practical solution banks need stable funding, large firms will consistently hold a balance of unused client money long term, clients want better interest rates. How can all parties benefit from this arrangement without posing undue risks to clients? Is there an alternative to keeping the deposit in the client s own name which brings operational challenges? 4

5 CASS 7 changes DVP exemption for CIS Operators of regulated funds do not need to treat subscription/redemption monies as client money under CASS 7 exemption FCA now proposes to remove the DVP exemption: what happens if DVP transaction fails to settle in time? what happens if firm becomes insolvent before transaction has settled? Practical implications how to switch to receiving subscription monies in a client money bank account - many operators use bank accounts that co-mingle DVP money with their own money would they be able to convert those into client money bank accounts or need to set up new accounts and inform investors? How do they cover intra-day positions? would operators seek to act as agents for the CIS (i.e. operate mandates over CIS bank accounts only in accordance with CASS 8 rather than comply with CASS 7?) CASS 7 changes miscellaneous Interest: FCA has admitted the draft rules are incorrect (they implied a firm either had to pay all interest on client money balances to a client and treat it as client money, or not pay interest at all on such client money balances) firms can agree contractually the scope and timing of payments of interest to clients (may differ from scope and timing of payments from underlying banks) Transfers of business: FCA now proposing simplified approach for firms seeking to transfer client money to a transferee of their business, rather than needing individual consents/waivers from FCA and having doubts over discharge of fiduciary duty must have an an assignment clause in the relevant contract with the client covering prescribed issues likely most firms will adopt to give flexibility Allocated but unclaimed client money: cannot reclaim for firm s benefit, but can pay to charity subject to formalities for amounts over 10 must give undertaking to make good valid claims 5

6 CASS 6 proposals Written custody agreements explicit requirement to document arrangements with third parties holding safe custody assets for clients even in an intra-group context further FCA clarification on terms within that agreement New requirements on custody assets reconciliations Unclaimed custody assets: cannot liquidate for firm s benefit, but can pay proceeds to charity subject to formalities for amounts over 10 must again give or procure undertaking to make good valid claims CASS 8 changes mandates Applies when firms control rather than hold client money (e.g. bank account is in the name of client, but the firm has authority to give the bank instructions on making payments and transfers) risk of misappropriation CASS 8 already sets out high level rules that requires a firm to establish and maintain adequate records and internal controls in respect of its use of the mandates Proposal now to include non-written mandates within the scope of these rules covering anything that gives the firm the ability to control the client s assets or liabilities (e.g. telephone instructions passing credit card details etc.) 6

7 CASS 9 client reporting and information COBS already covers periodic reporting and information on client assets protection to be provided to clients FCA believes there is a lack of understanding amongst clients on client assets issues, as demonstrated by recent insolvencies New proposal for a Client Assets Disclosure Document standalone document does not supersede contractual documentation but acts a single source of the relevant provisions on client assets which impact a client s rights to or interests in such assets provide to clients at least annually if not more frequently if changes occur Multiple Client Money Pools Key proposals to give effect to EMIR: exclude client money that is held by a clearing member firm in a client transaction account at a CCP from a primary pooling event allow the porting of excluded money to a back-up clearing member firm To make porting feasible clearing member firms will be allowed to operate legally and operationally separate client money sub-pools (i.e. the margin held in a particular net omnibus client transaction account at a CCP and the client money the clearing member holds in relation to the relevant transactions) Insolvency practitioners will be able to make the separate client money pool available to the back-up clearing member as necessary FSA had been looking to extend the proposal to permit firms to create multiple client money sub-pools in relation to any investment business but now deemed by the FCA as too difficult for firms to manage operationally 7

8 Client distribution rules current rules CASS rules aimed at achieving the FCA s statutory objectives: maintaining market confidence financial stability consumer protection CASS 7A governs distributions on a firm s insolvency Failure of the firm results in a primary pooling event (PPE) where all client money (anywhere) held is notionally pooled into a single client money pool (CMP) CMP then distributed to clients on a pro-rata basis in accordance with their entitlements (regardless of whether their money actually in CMP) In practice, pay outs can take months or years to effect as the insolvency practitioner (IP) works out the available CMP and the relevant entitlements Client distribution rules the speed proposal Speed is driving the proposed changes New two-stage client money distribution process proposed with two notional CMPs CMP1 and CMP2 Initial distribution of client money held in client accounts within weeks of insolvency from CMP1 (based on reconciliation of failing firm s records as at PPE) appropriate where IP believes that the records reasonably allow determination of entitlements to be made Second (later) distribution comprised of any surplus left in CMP1 & any identifiable client money held in the firm s house account (CMP2) If two-stage distribution not possible (e.g. more than 10% discrepancy, no accurate record of entitlements etc.), IP may form single combined CMP and then make one distribution, which is similar to current process Huge reliance on firms records FCA likely to be even less tolerant of breaches larger clients also likely to want oversight of firms records 8

9 Client distribution rules codification proposal Alternative to the speed proposal, refine existing rules based on recent insolvency experiences clarification of what money constitutes the CMP corrected reconciliation carried out at the PPE procedure set out for determining each client s CMP entitlement Arguably fairer as client entitlements and full scope of available CMP are calculated before any distribution, but still likely to take a substantial amount of time Client distribution rules other proposed changes Remove current prohibition on the whole of the CMP being transferred to a purchaser, provided decision made within 14 business days of the PPE and notifications made to clients Hindsight used to value client s open position when determining entitlement to the CMP (for margined transactions through CCP/3 rd party broker, use the liquidation valuation after PPE rather than the valuation at the PPE) Unclaimed client money may be used to make up shortfall in CMP (notify clients and make attempts to contact them) 9

10 Any questions? 10

FCA changes client money and custody asset rules

FCA changes client money and custody asset rules June 2014 This note provides a summary of the extensive changes to the client money and custody rules for investment firms Overview The Financial Conduct Authority ( FCA ) released on 10 June 2014 a new

More information

How the new client money rules affect your firm

How the new client money rules affect your firm How the new client money rules affect your firm High quality professional advice and expert insight in client money February 2015 Introduction Overview of the proposed changes to the CASS rules in Policy

More information

We see many of the proposals as an improvement to CASS, in particular:

We see many of the proposals as an improvement to CASS, in particular: The Client Assets Policy & Risk Team Client Assets Unit - Markets Division Financial Conduct Authority 25 The North Colonnade Canary Wharf London E14 5HS ATTN: Emad Aladhal 11 October 2013 Dear Sirs Feedback

More information

Review of the client assets regime for investment business Feedback to CP13/5 and final rules

Review of the client assets regime for investment business Feedback to CP13/5 and final rules Financial Conduct Authority Policy Statement PS14/9 Review of the client assets regime for investment business Feedback to CP13/5 and final rules June 2014 Review of the client assets regime for investment

More information

Financial Services Authority. Guide to Client Money for General Insurance Intermediaries

Financial Services Authority. Guide to Client Money for General Insurance Intermediaries Financial Services Authority Guide to Client Money for General Insurance Intermediaries March 2007 Contents Introduction 3 Part 1 Making arrangements to hold client money 1.1 What is client money? 4 1.2

More information

Consultation Paper CP12/20. Review of the client money rules for insurance intermediaries

Consultation Paper CP12/20. Review of the client money rules for insurance intermediaries Consultation Paper CP12/20 Review of the client money rules for insurance intermediaries August 2012 CP12/20 Review of the client money rules for insurance intermediaries Contents Abbreviations used in

More information

SIPP operator guidance

SIPP operator guidance Finalised guidance A guide for Self-Invested Personal Pensions (SIPP) operators 8 October 2013 SIPP operator guidance This guidance relates to the following rule(s) in the FCA Handbook Conduct of Business

More information

CUSTOMER FUNDS PROTECTION AT SOCIETE GENERALE NEWEDGE UK LIMITED

CUSTOMER FUNDS PROTECTION AT SOCIETE GENERALE NEWEDGE UK LIMITED NEWEDGE CUSTOMER FUNDS PROTECTION AT SOCIETE GENERALE NEWEDGE UK LIMITED November 2015 OVERVIEW The foundation for protecting customer property when customer s trade is threefold: Segregation Capital Requirements

More information

10.1 ASX SETTLEMENT ENTITLED TO ASSUME RULES COMPLIED WITH...6 10.1.1 ASX Settlement entitled to assume without inquiry... 6

10.1 ASX SETTLEMENT ENTITLED TO ASSUME RULES COMPLIED WITH...6 10.1.1 ASX Settlement entitled to assume without inquiry... 6 SECTION 10 BATCH SETTLEMENT 10.1 ASX SETTLEMENT ENTITLED TO ASSUME RULES COMPLIED WITH...6 10.1.1 ASX Settlement entitled to assume without inquiry... 6 10.2 PARTICIPATION IN BATCH SETTLEMENT...6 10.2.1

More information

Client Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007

Client Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Client Asset Requirements Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Instructions Paper November 2007 1 Contents 1 Contents 2 Introduction 1 2.1 Scope

More information

Client Assets. Chapter 7. Client money rules

Client Assets. Chapter 7. Client money rules Client Assets Chapter Client money rules .11 Treatment of client money.11.1 Title transfer collateral arrangements (1) Where a client transfers full ownership of money to a firm for the purpose of securing

More information

4.1 Application 4.2 Interpretation: general

4.1 Application 4.2 Interpretation: general Appendix A PART 4 CLIENT MONEY 4.1 Application 4.2 Interpretation: general 4.3 Meaning of "client money" 4.4 Meaning of "client bank account" and related expressions 4.5 General restriction on holding

More information

G&T Brokers Limited. Terms of Business Agreement ( TOBA )

G&T Brokers Limited. Terms of Business Agreement ( TOBA ) Terms of Business Agreement ( TOBA ) The purpose of this document is to describe our professional relationship and the services we will provide to you. You should read this document carefully for as well

More information

STATUTORY INSTRUMENTS. CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) CLIENT ASSET REGULATIONS 2015 FOR INVESTMENT FIRMS

STATUTORY INSTRUMENTS. CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) CLIENT ASSET REGULATIONS 2015 FOR INVESTMENT FIRMS STATUTORY INSTRUMENTS. S.I. No. )04, of 2015 CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) CLIENT ASSET REGULATIONS 2015 FOR INVESTMENT FIRMS S.I. No. (74 of 2015 CENTRAL BANK (SUPERVISION

More information

Terms and conditions of the smart + Trading Account from AXA Self Investor

Terms and conditions of the smart + Trading Account from AXA Self Investor Terms and conditions of the smart + Trading Account from AXA Self Investor Terms and conditions of the smart + Trading Account 02 Introduction These Terms and conditions of the smart + Trading Account

More information

GUIDELINES ON COMPLIANCE FUNCTION FOR FUND MANAGEMENT COMPANIES

GUIDELINES ON COMPLIANCE FUNCTION FOR FUND MANAGEMENT COMPANIES GUIDELINES ON COMPLIANCE FUNCTION FOR FUND MANAGEMENT COMPANIES Issued: 15 March 2005 Revised: 25 April 2014 1 P a g e List of Revision Revision Effective Date 1 st Revision 23 May 2011 2 nd Revision 16

More information

This Statement of Investment Principles is produced to meet the requirements of the Pensions Act 2004 and to reflect the Government s voluntary code

This Statement of Investment Principles is produced to meet the requirements of the Pensions Act 2004 and to reflect the Government s voluntary code This Statement of Investment Principles is produced to meet the requirements of the Pensions Act 2004 and to reflect the Government s voluntary code the Myners Principles. The Trustee also complies with

More information

Individual Savings Account Supplementary Terms

Individual Savings Account Supplementary Terms Individual Savings Account Supplementary Terms Individual Savings Account Supplementary Terms and Conditions for Stocktrade Retail Clients forming part of the Agreement between Stocktrade (a division of

More information

UIBL TOBA. United Insurance Brokers Ltd. Terms of Business Agreement

UIBL TOBA. United Insurance Brokers Ltd. Terms of Business Agreement TOBA United Insurance Brokers Ltd Terms of Business Agreement 1. Introduction and business service United Insurance Brokers Ltd () is an independent international insurance and reinsurance (1) Lloyd s

More information

Guidance on Investor Money Regulations Consultation Paper CP 60. For Fund Service Providers. March 2015

Guidance on Investor Money Regulations Consultation Paper CP 60. For Fund Service Providers. March 2015 March 2015 2012 Consultation on implementation of Alternative Investment Fund Managers Directive Guidance on Investor Money Regulations Consultation Paper CP 60 For Fund Service Providers Revision History

More information

Royal Bank of Canada Investment Management (U.K.) Limited Terms Of Business

Royal Bank of Canada Investment Management (U.K.) Limited Terms Of Business Royal Bank of Canada Investment Management (U.K.) Limited Terms Of Business Page no. 1. Information about us and our services 2 2. The basis on which we provide our services 6 3. Suitability 7 4. Communications

More information

Overview on the Consequences of an Insolvency under Eurex Clearing s Clearing Models

Overview on the Consequences of an Insolvency under Eurex Clearing s Clearing Models Quick Reference Guide Insolvency Overview Overview on the Consequences of an Insolvency under Eurex Clearing s Clearing Models Contents 1. Introduction... 2 1.1 Disclaimer... 2 1.2 Clearing Models Introduction...

More information

New Zealand Institute of Chartered Accountants

New Zealand Institute of Chartered Accountants New Zealand Institute of Chartered Accountants PS-2 Issued 06/03 Revised 05/08 Amended 07/13 PROFESSIONAL STANDARD NO. 2, 2008 CLIENT MONIES Issued by the Council of the New Zealand Institute of Chartered

More information

Terms and conditions of the smart + stocks & shares ISA from AXA Self Investor

Terms and conditions of the smart + stocks & shares ISA from AXA Self Investor Terms and conditions of the smart + stocks & shares ISA from AXA Self Investor Terms and conditions of the smart + ISA 02 Introduction These Terms and conditions of the smart + ISA (also referred to as

More information

Selected Investment Funds. Terms and Conditions Effective Date 6 April 2016

Selected Investment Funds. Terms and Conditions Effective Date 6 April 2016 Selected Investment Funds Terms and Conditions Effective Date 6 April 2016 2 How to contact us Telephone Call our Customer Service Centre on: 03457 456 123 By textphone for general enquiries: 03457 660

More information

FINAL NOTICE. The Bank of New York Mellon London Branch ( BNYMLB ) The Bank of New York Mellon International Limited ( BNYMIL )

FINAL NOTICE. The Bank of New York Mellon London Branch ( BNYMLB ) The Bank of New York Mellon International Limited ( BNYMIL ) FINAL NOTICE To: The Bank of New York Mellon London Branch ( BNYMLB ) The Bank of New York Mellon International Limited ( BNYMIL ) Reference Numbers: 122467 183100 Address: 1 Canada Square London E14 5AL

More information

EXPERIAN plc DIVIDEND REINVESTMENT PLAN

EXPERIAN plc DIVIDEND REINVESTMENT PLAN EXPERIAN plc DIVIDEND REINVESTMENT PLAN Would you like to convert your cash dividend into shares? 1 Experian plc TERMS AND CONDITIONS OF THE DIVIDEND REINVESTMENT PLAN The Plan (defined below) is a convenient

More information

ASX Client Clearing Service for derivatives

ASX Client Clearing Service for derivatives ASX Client Clearing Service for derivatives Fact Sheet Introduction to the two clearing account types available for ASX 24 Exchange Traded Derivatives and OTC Interest Rate Derivatives Key terms used in

More information

APPENDIX FOR FUTURES TRADING

APPENDIX FOR FUTURES TRADING APPENDIX FOR FUTURES TRADING This Appendix sets out the Terms and Conditions for Futures trading which apply where the Client opens or maintains a Futures Account with ICBCIS. The Client requests and authorizes

More information

SECTION 14 RISK MANAGEMENT

SECTION 14 RISK MANAGEMENT SECTION 14 RISK MANAGEMENT 14.1 POSITION LIMITS DERIVATIVES MARKET CONTRACTS AND DERIVATIVES CCP CONTRACTS... 3 14.1.1 ASX Clear may prescribe Position Limits... 3 14.1.2 Breach of Position Limits... 4

More information

GUIDELINE ON THE APPLICATION OF THE OUTSOURCING REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID AND THE CRD IN THE UK

GUIDELINE ON THE APPLICATION OF THE OUTSOURCING REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID AND THE CRD IN THE UK GUIDELINE ON THE APPLICATION OF THE OUTSOURCING REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID AND THE CRD IN THE UK This Guideline does not purport to be a definitive guide, but is instead a non-exhaustive

More information

The Scottish Investment Trust PLC

The Scottish Investment Trust PLC The Scottish Investment Trust PLC INVESTOR DISCLOSURE DOCUMENT This document is issued by SIT Savings Limited (the Manager ) as alternative investment fund manager for The Scottish Investment Trust PLC

More information

Section 14 Money Settlement

Section 14 Money Settlement 14/1 Section 14 Money Settlement 14.1 SCOPE OF MONEY SETTLEMENT SERVICES 14.1.1 Scope of payments CCASS caters for settlement of transactions either on a DVP basis or FOP basis. However, settlement of

More information

(each a Provision and together the Provisions ).

(each a Provision and together the Provisions ). Notification and justification for the UK Financial Conduct Authority s ( FCA s ) requirements relating to safe custody assets and client money, under Article 4 of Directive 2006/73/EC ( Level 2 Directive

More information

International Payment Service Terms and conditions

International Payment Service Terms and conditions International Payment Service Terms and conditions Welcome to the International Payment Service (the Service) from Capita Registrars Limited (Capita). This document, together with your Application and

More information

Investment Trust ISA and Savings Scheme. Terms and conditions

Investment Trust ISA and Savings Scheme. Terms and conditions Investment Trust ISA and Savings Scheme Terms and conditions Terms and conditions This section explains the legal terms and conditions of your Investment Trust ISA (which we refer to in these terms as

More information

APPENDIX FOR U.S. SECURITIES TRADING

APPENDIX FOR U.S. SECURITIES TRADING APPENDIX FOR U.S. SECURITIES TRADING This Appendix applies in respect of securities trading services in U.S. Securities provided by ICBCIS to the Client. In the event that there is any inconsistency between

More information

COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010

COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010 ---------------------------------------------------------------------------------------------- COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010 ----------------------------------------------------------------------------------------------

More information

Client Assets. Chapter 7. Client money rules

Client Assets. Chapter 7. Client money rules Client Assets Chapter Client money rules Release 2 Jan 2016 www.handbook.fca.org.uk CASS /2 Guidance notes for acknowledgement letters (CASS.18) Introduction 1 This annex contains guidance on the use of

More information

Key Features of the Ascentric Pension Account (SIPP)

Key Features of the Ascentric Pension Account (SIPP) Key Features of the Ascentric Pension Account (SIPP) Introduction The Financial Conduct Authority is a financial services regulator. It requires us, Investment Funds Direct Limited (IFDL), to give you

More information

Heslop & Platt Solicitors Limited

Heslop & Platt Solicitors Limited TERMS OF BUSINESS Heslop & Platt Solicitors Limited 1. Introduction and Definitions 1.1 In these terms of business, the following words and phrases have the following meanings: Initial Client Letter Client

More information

Writing your charity s investment policy A guide

Writing your charity s investment policy A guide Writing your charity s investment policy A guide www.cfg.org.uk www.charityinvestorsgroup.org.uk Contents Introduction What is this guide for?... 1 Who is this guide for?... 1 Why have a written investment

More information

Managed Fund Service. Terms and Conditions

Managed Fund Service. Terms and Conditions Managed Fund Service Terms and Conditions Important Information These are the Terms and Conditions for your Balkerne Asset Management Managed Fund Service. You are advised to read them carefully. The terms

More information

VIRGIN STOCKS & SHARES ISA CONDITIONS

VIRGIN STOCKS & SHARES ISA CONDITIONS VIRGIN STOCKS & SHARES ISA CONDITIONS 1 PLEASE MAKE SURE YOU READ THESE CONDITIONS AS THEY CONTAIN INFORMATION YOU NEED TO KNOW This agreement is governed by the Individual Savings Account Regulations

More information

Terms of Business Agreement (Wholesale)

Terms of Business Agreement (Wholesale) Terms of Business Agreement (Wholesale) This agreement is dated and is made between 1 (Company Number ) (the Broker ) whose Registered Office is and 2 Glemham Underwriting Limited (Company Number 5509907)

More information

2013 No. 0000 FINANCIAL SERVICES AND MARKETS. The Alternative Investment Fund Managers Regulations 2013

2013 No. 0000 FINANCIAL SERVICES AND MARKETS. The Alternative Investment Fund Managers Regulations 2013 Draft Regulations laid before Parliament under paragraphs 2 and 2A(3)(a) of Schedule 2 to the European Communities Act 1972, for approval by resolution of each House of Parliament. DRAFT STATUTORY INSTRUMENTS

More information

Individual Savings Account (ISA) Terms and conditions

Individual Savings Account (ISA) Terms and conditions Individual Savings Account (ISA) Terms and conditions Contents 01 Parties to this Agreement 3 02 Defined Terms Used in this Agreement 3 03 Application and Cancellation 5 04 Subsequent Tax Years 6 05 Paying

More information

Key Features. of the Suffolk Life SIPP (Deed Poll Scheme)

Key Features. of the Suffolk Life SIPP (Deed Poll Scheme) Key Features of the Suffolk Life SIPP (Deed Poll Scheme) This document is part of a set, all of which should be read together. Key Features Your Personal Illustration Schedule of Fees Schedule of Allowable

More information

GUIDANCE NOTE OUTSOURCING OF FUNCTIONS BY ENTITIES LICENSED UNDER THE PROTECTION OF INVESTORS (BAILIWICK OF GUERNSEY) LAW, 1987

GUIDANCE NOTE OUTSOURCING OF FUNCTIONS BY ENTITIES LICENSED UNDER THE PROTECTION OF INVESTORS (BAILIWICK OF GUERNSEY) LAW, 1987 GUIDANCE NOTE OUTSOURCING OF FUNCTIONS BY ENTITIES LICENSED UNDER THE PROTECTION OF INVESTORS (BAILIWICK OF GUERNSEY) LAW, 1987 CONTENTS Page 1. Introduction 3-4 2. The Commission s Policy 5 3. Outsourcing

More information

Guidance for insolvency practitioners and official receivers

Guidance for insolvency practitioners and official receivers Guidance for insolvency practitioners and official receivers An introduction from the Chief Executive Dear Insolvency Practitioner/Official Receiver This guide provides information on how insolvency practitioners

More information

DMM FX CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT

DMM FX CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT DMM FX CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT DMM FX Australia Pty Limited ACN 160 659 290 AFSL 437734 Issue Date: 7 November 2015 Version 2.0 Table of Contents Section 1 Important Information

More information

Monetary Authority of Singapore SECURITIES AND FUTURES ACT (CAP. 289)

Monetary Authority of Singapore SECURITIES AND FUTURES ACT (CAP. 289) Monetary Authority of Singapore SECURITIES AND FUTURES ACT (CAP. 289) FREQUENTLY ASKED QUESTIONS ON THE SECURITIES AND FUTURES (LICENSING AND CONDUCT OF BUSINESS) REGULATIONS Disclaimer: The FAQs are meant

More information

Thompson Jenner LLP Last revised April 2013 Standard Terms of Business

Thompson Jenner LLP Last revised April 2013 Standard Terms of Business The following standard terms of business apply to all engagements accepted by Thompson Jenner LLP. All work carried out is subject to these terms except where changes are expressly agreed in writing. 1

More information

CLIENTS MONEY REGULATIONS APRIL 2014

CLIENTS MONEY REGULATIONS APRIL 2014 CLIENTS MONEY REGULATIONS APRIL 2014 This helpsheet is intended to assist members in practice with the Clients Money Regulations governing money held on behalf of clients. THE REQUIREMENTS What are the

More information

FCA Consultation on Client Money held in Individual Savings Accounts

FCA Consultation on Client Money held in Individual Savings Accounts FCA Consultation on Client Money held in Individual Savings Accounts June 2014 Introduction TISA is a not-for-profit membership association operating within the financial services industry. TISA s membership

More information

BELIZE INTERNATIONAL FINANCIAL SERVICES COMMISSION STANDARD CONDITIONS FOR A SECURITIES TRADING LICENCE

BELIZE INTERNATIONAL FINANCIAL SERVICES COMMISSION STANDARD CONDITIONS FOR A SECURITIES TRADING LICENCE BELIZE INTERNATIONAL FINANCIAL SERVICES COMMISSION STANDARD CONDITIONS FOR A SECURITIES TRADING LICENCE This License is issued subject to the following conditions:- 1. The Licensee shall at all times comply

More information

Initial Charge waived ISA. Class R GBP Application forms 2015/2016 Terms and conditions

Initial Charge waived ISA. Class R GBP Application forms 2015/2016 Terms and conditions Initial Charge waived 0% ISA Class R GBP Application forms 2015/2016 Terms and conditions ISA terms and conditions Definitions Account Account holding your Investments in an ISA. Additional Permitted Subscription

More information

Collective Investment Undertakings of the Closed-Ended Type

Collective Investment Undertakings of the Closed-Ended Type P a g e 1 Listing Conditions Chapter 14 Collective Investment Undertakings of the Closed-Ended Type 1 P a g e 2 14.1 APPLICATION This chapter applies to securities issued by collective investment undertakings

More information

TERMS OF BUSINESS ADVISORY TRADING SERVICE

TERMS OF BUSINESS ADVISORY TRADING SERVICE TERMS OF BUSINESS ADVISORY TRADING SERVICE VERSION DATE: JUNE 2015 These Terms of Business set out the basis upon which Sanlam Private Wealth ( SPW ) will provide the Advisory Trading Service to you. These

More information

on Asset Management Management

on Asset Management Management 2008 Guidelines for for Insurance Insurance Undertakings Undertakings on Asset on Asset Management Management 2 Contents Context...3 1. General...3 2. Introduction...3 3. Regulations and guidelines for

More information

Compensation and insurance arrangements for AFS licensees

Compensation and insurance arrangements for AFS licensees REGULATORY GUIDE 126 Compensation and insurance arrangements for AFS licensees March 2008 About this guide This guide is for Australian financial services (AFS) licensees and representatives, their advisers

More information

Dividend Reinvestment Plan Service Terms and Conditions

Dividend Reinvestment Plan Service Terms and Conditions Dividend Reinvestment Plan SHARE REGISTRATION EMPLOYEE BENEFITS INVESTMENT SERVICES BUSINESS PROCESS OUTSOURCING Dividend Reinvestment Plan Service Terms and Conditions PARTNERSHIP THROUGH INSIGHT, INTEGRITY

More information

A Guide to the Financial Services Regulations

A Guide to the Financial Services Regulations A Guide to the Financial Services Regulations Contents Chapter 1 2 Introduction to the Financial Services Regulations Legislative Background Chapter 2 3 Overview of FSR Regulated Activities Authorisation

More information

3.6. Please also note, unless your policy confirms otherwise, the rights under your policy may only be pursued in an English court.

3.6. Please also note, unless your policy confirms otherwise, the rights under your policy may only be pursued in an English court. Terms of business agreement - commercial customers M & N Insurance Service Limited Authorised and regulated by the Financial Conduct Authority No: 305837. Registered Office: 248 Hendon Way London NW4 3NL

More information

S.I. No. 421 of 2001 PART 1 PRELIMINARY

S.I. No. 421 of 2001 PART 1 PRELIMINARY S.I. No. 421 of 2001 SOLICITORS ACCOUNTS REGULATIONS, 2001 The Law Society of Ireland, in exercise of the powers conferred on them by sections 4, 5, 66 (as substituted by section 76 of the Solicitors (Amendment)

More information

TAM Asset Management Ltd. Terms of Business

TAM Asset Management Ltd. Terms of Business TAM Asset Management Ltd Terms of Business Prepared September 2008 Updated September 2012 TAM Asset Management Ltd City Tower, 40 Basinghall Street, London EC2V 5DE, United Kingdom Tel: +44 (0)20 7549

More information

SVS SECURITIES PLC TERMS OF BUSINESS

SVS SECURITIES PLC TERMS OF BUSINESS DEFINITIONS Agreement means these Terms of Business. AIM means the AIM Market of the London Stock Exchange. CAF means the Customer Agreement Form or the Online Application Form, which forms part of this

More information

IMPORTANT THIS GUIDANCE SHOULD ONLY BE USED FOR PROGRAMMES FROM 1 APRIL 2015. Debt Arrangement Scheme (DAS) Business DAS

IMPORTANT THIS GUIDANCE SHOULD ONLY BE USED FOR PROGRAMMES FROM 1 APRIL 2015. Debt Arrangement Scheme (DAS) Business DAS Debt Arrangement Scheme (DAS) Business DAS Guidance for Payments Distributors Relevant Legislation The Scottish Parliament approved the Debt Arrangement Scheme (DAS) by passing the Debt Arrangement and

More information

Accounting and Controls in law practices

Accounting and Controls in law practices Accounting and Controls in law practices TRUST MONEY & TRUST RECORDS Accounting and Support Staff Trust Accounts Department Law Society of New South Wales 170 Phillip Street, Sydney NSW 2000 1 July 2015

More information

Solicitors Accounts Regulations. A presentation By Seamus McGrath Senior Investigating Accountant Law Society of Ireland

Solicitors Accounts Regulations. A presentation By Seamus McGrath Senior Investigating Accountant Law Society of Ireland Solicitors Accounts Regulations A presentation By Seamus McGrath Senior Investigating Accountant Law Society of Ireland The Law Society s Responsibilities Protect the public Protect clients interests in

More information

CLIENT TERMS OF BUSINESS AGREEMENT

CLIENT TERMS OF BUSINESS AGREEMENT CLIENT TERMS OF BUSINESS AGREEMENT General Information Seascope Insurance Services Limited (SIS) is an independent Lloyd s broker and is not tied to any one insurer. SIS has received a Grant of Permission

More information

DIVIDEND REINVESTMENT PLAN RIO TINTO PLC

DIVIDEND REINVESTMENT PLAN RIO TINTO PLC DIVIDEND REINVESTMENT PLAN RIO TINTO PLC TERMS & CONDITIONS Computershare Investor Services PLC has arranged to provide a Dividend Reinvestment Plan to Rio Tinto plc and a number of other clients that

More information

Changes to the Citi International Personal Bank General Terms and Conditions

Changes to the Citi International Personal Bank General Terms and Conditions Changes to the Citi International Personal Bank General Terms and Conditions Effective 31 December 2012 (unless otherwise indicated) This table sets out a summary of certain changes we have made to the

More information

CHAPTER 13 COMPLIANCE

CHAPTER 13 COMPLIANCE CHAPTER 13 COMPLIANCE By a Trading Member / Clearing Member 13.1 Annual Accounts and Audit 13.1.1 Every trading member / clearing member shall prepare annual accounts for each financial year ending on

More information

Dividend Reinvestment Plan

Dividend Reinvestment Plan Dividend Reinvestment Plan SHARE REGISTRATION + INVESTOR SERVICES + EMPLOYEE BENEFITS 2 Prudential plc The Dividend Reinvestment Plan is a convenient easy and cost effective way to build your shareholding

More information

Terms of business agreement - Commercial clients

Terms of business agreement - Commercial clients Terms of business agreement - Commercial clients Please read this document carefully. It sets out the terms on which Finch Insurance Brokers Ltd agree to act for clients and contains details of our responsibilities

More information

MERCHANT NAVY OFFICERS PENSION FUND STATEMENT OF INVESTMENT PRINCIPLES

MERCHANT NAVY OFFICERS PENSION FUND STATEMENT OF INVESTMENT PRINCIPLES MERCHANT NAVY OFFICERS PENSION FUND STATEMENT OF INVESTMENT PRINCIPLES Introduction The main purpose of the MNOPF is the provision of pensions for Officers in the British Merchant Navy on retirement at

More information

APPLICATION FORM FOR SIPP CLIENTS

APPLICATION FORM FOR SIPP CLIENTS Saxo Capital Markets UK Ltd, 40 Bank Street, Canary Wharf, London E14 5DA, United Kingdom Company registered in England & Wales No.: 7413871 Authorised and regulated by the Financial Conduct Authority

More information

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED This document is issued by Standard Life Investments Property Income Trust Limited (the "Company") and is made available by Standard Life Investments (Corporate Funds) Limited (the AIFM ) solely in order

More information

CMC Markets NZ Limited. Next Generation Platform Risk Warning Notice. 31 May 2015. CMC Markets NZ Limited Risk Warning Notice 1

CMC Markets NZ Limited. Next Generation Platform Risk Warning Notice. 31 May 2015. CMC Markets NZ Limited Risk Warning Notice 1 CMC Markets NZ Limited Next Generation Platform Risk Warning Notice 31 May 2015 CMC Markets NZ Limited Risk Warning Notice 1 Significant risks of trading CFDs This document sets the major risks that can

More information

TERMS OF BUSINESS DISCRETIONARY PORTFOLIO MANAGEMENT

TERMS OF BUSINESS DISCRETIONARY PORTFOLIO MANAGEMENT TERMS OF BUSINESS DISCRETIONARY PORTFOLIO MANAGEMENT VERSION DATE: FEB 2015 These Terms of Business set out the detailed basis upon which Sanlam Private Wealth ( SPW ) will provide discretionary portfolio

More information

POST OFFICE MONEY BUSINESS INSURANCE Terms of Business Agreement

POST OFFICE MONEY BUSINESS INSURANCE Terms of Business Agreement POST OFFICE MONEY BUSINESS INSURANCE Terms of Business Agreement Post Office Money is a registered trademark of the Post Office and is used under licence by Arthur J. Gallagher Insurance Brokers Limited.

More information

Terms and Conditions of Offer and Contract (Works & Services) Conditions of Offer

Terms and Conditions of Offer and Contract (Works & Services) Conditions of Offer Conditions of Offer A1 The offer documents comprise the offer form, letter of invitation to offer (if any), these Conditions of Offer and Conditions of Contract (Works & Services), the Working with Queensland

More information

TERMS AND CONDITIONS FOR SECURITIES TRADES Valid and effective from 18 September 2013

TERMS AND CONDITIONS FOR SECURITIES TRADES Valid and effective from 18 September 2013 TERMS AND CONDITIONS FOR SECURITIES TRADES Valid and effective from 18 September 2013 Page 1 of 6 1. INTRODUCTION Danske Bank A/S trading in the Republic of Ireland as Danske Bank (the Bank) is authorised

More information

OTC derivatives reforming EU market structures. Ash Saluja, Partner CMS Cameron McKenna LLP

OTC derivatives reforming EU market structures. Ash Saluja, Partner CMS Cameron McKenna LLP OTC derivatives reforming EU market structures Ash Saluja, Partner CMS Cameron McKenna LLP The OTC derivatives market - a brief reminder. Scope $605 trillion notional amount / $25 trillion gross market

More information

CHAPTER 11 NOMINEE SERVICES

CHAPTER 11 NOMINEE SERVICES 11/1 CHAPTER 11 NOMINEE SERVICES 1101. Scope and extent of nominee and similar services Subject to the Rules, applicable laws and applicable regulatory approval, in respect of Eligible Securities deposited

More information

APPLICATION FOR CONTRACTS FOR DIFFERENCE (CFD) TRADING FACILITY

APPLICATION FOR CONTRACTS FOR DIFFERENCE (CFD) TRADING FACILITY Version No: V002/201100606 APPLICATION FOR CONTRACTS FOR DIFFERENCE (CFD) TRADING FACILITY A Customer s Particulars Customer Name NRIC Trading A/C No Trading Representative (TR) Code Telephone No (Home)

More information

COAG National Legal Profession Reform Discussion Paper: Trust money and trust accounting

COAG National Legal Profession Reform Discussion Paper: Trust money and trust accounting COAG National Legal Profession Reform Discussion Paper: Trust money and trust accounting Purpose The purpose of this Paper is to outline the Taskforce s preferred approach to regulation of trust money

More information

Principal Trust Company (Asia) Limited Retirement Scheme. Principal Brochure

Principal Trust Company (Asia) Limited Retirement Scheme. Principal Brochure Principal Trust Company (Asia) Limited Retirement Scheme Principal Brochure Principal Trust Company (Asia) Limited 信 安 信 託 ( 亞 洲 ) 有 限 公 司 18 September 2015 27/F, Hopewell Centre 183 Queen s Road East

More information

NAB Equity Lending. Facility Terms

NAB Equity Lending. Facility Terms NAB Equity Lending Facility Terms This document contains important information regarding the terms and conditions which will apply to your NAB Equity Lending Facility. You should read this document carefully

More information

PROTECTION OF CUSTOMER FUNDS FREQUENTLY ASKED QUESTIONS

PROTECTION OF CUSTOMER FUNDS FREQUENTLY ASKED QUESTIONS PROTECTION OF CUSTOMER FUNDS Version 4.0 REVISED NOVEMBER 2014 2 This document, first issued in February 2012, has been prepared by members of the FIA Law and Compliance Division and contains questions

More information

THE 7IM PLATFORM SERVICE THE AGREEMENT NOVEMBER 2015

THE 7IM PLATFORM SERVICE THE AGREEMENT NOVEMBER 2015 SEVEN INVESTMENT MANAGEMENT NOVEMBER 2015 THE 7IM PLATFORM SERVICE The 7IM Platform service is offered to financial advisers and their clients in order to manage investments buying, selling and recording

More information

Guidance note on Outsourcing/Delegation of Functions and inward outsourcing

Guidance note on Outsourcing/Delegation of Functions and inward outsourcing Financial Services Rule Book Rules 8.13, 8.9 and 8.9A Guidance note on Outsourcing/Delegation of Functions and inward outsourcing Supervision Division Financial Supervision Commission September 2012 Guidance

More information

Foreign Currency Forward Master Contract

Foreign Currency Forward Master Contract Foreign Currency Forward Master Contract Foreign Currency Forward Master Agreement ( Agreement ), dated as of, 20 between the client ( Client ) and Tempus, Inc. ( Tempus ). BACKGROUND 1. Forward Contract.

More information

Corporate Insurance Solutions Ltd BUSINESS INSURANCE CONSULTANTS

Corporate Insurance Solutions Ltd BUSINESS INSURANCE CONSULTANTS Terms of Business This Agreement is between You our client or potential client and Corporate Insurance Solutions Ltd and applies to all work that we carry out on your behalf. Corporate Insurance Solutions

More information

Financial Adviser Regulations Discretionary Investment Management Services and Custody

Financial Adviser Regulations Discretionary Investment Management Services and Custody Financial Adviser Regulations Discretionary Investment Management Services and Custody MBIE-MAKO-6101733 ISBN 978-0-478-41375-5 Crown Copyright First Published July 2013 Corporate Law Labour and Commercial

More information

Consultation Conclusions to the Consultation Paper on the Regulation of Sponsors and Compliance Advisers

Consultation Conclusions to the Consultation Paper on the Regulation of Sponsors and Compliance Advisers Consultation Conclusions to the Consultation Paper on the Regulation of Sponsors and Compliance Advisers Hong Kong April 2006 Table of Contents Page Part A Executive Summary... 3 Part B Overview of the

More information

ST IVES PLC ST IVES LONG TERM INCENTIVE PLAN 2010. Approved by shareholders of the Company on. Adopted by the board of the Company on

ST IVES PLC ST IVES LONG TERM INCENTIVE PLAN 2010. Approved by shareholders of the Company on. Adopted by the board of the Company on DISPLAY VERSION ST IVES PLC ST IVES LONG TERM INCENTIVE PLAN 2010 Approved by shareholders of the Company on Adopted by the board of the Company on The Plan is a discretionary benefit offered by St Ives

More information

TERMS OF BUSINESS. For certain types of insurance we are also authorised to issue policy documentation and/or certificates on behalf of the insurers.

TERMS OF BUSINESS. For certain types of insurance we are also authorised to issue policy documentation and/or certificates on behalf of the insurers. TERMS OF BUSINESS This document is effective from 27 September 2013 and supersedes all Terms of Business previously issued by us. It sets out the terms upon which we agree to act for our clients and contains

More information

Britannia Additional Insurances Terms of Business Agreement

Britannia Additional Insurances Terms of Business Agreement Britannia Additional Insurances Terms of Business Agreement MAY 2014 Introduction This terms of business agreement (the Agreement ) sets out the nature and scope of the insurance mediation services The

More information