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Cass Client Agreements
For a company that operates as a supplier leaving the ECA, the exception to (1) only applies if the customer has his habitual residence outside the EEA. All statements made by or on behalf of a company in accordance with CASS 2.3.12 R – CASS 2.3.14 R and CASS 2.3.16 R, must list all deposit securities held for the client for which the firm is responsible and: before 1 December 2014, most of the client disclosure and reporting obligations relating to client assets held by investment firms were: found in the Conduct of Business Sourcebook (COBS). An important exception was given to the disclosure and reporting requirements applicable to premium brokerage firms in CASS 9. In Consultation Paper CP13/5 Review of the Client Asset Regime for Investment Transactions, the Financial Conduct Authority (FCA) consulted a comprehensive overhaul of CASS, including the introduction of a set of proposals on the frequency of reporting to clients, the information to be provided to clients before providing investment services and the development of a stand-alone disclosure document to consolidate key provisions contained in client agreements that may affect rights or safeguards under CASS. The consultation took place in the context of increased protection of clients` assets, which is fundamental for consumer rights, and had three objectives: currently, cass prohibits a company from paying more than 20% of its client funds to a bank of the same group as the company. MiFID II contains the same prohibition, but grants a derogation to companies when they are able to demonstrate that they are disproportionate in accordance with the following provisions: a company may include the information required by CASS 2.3.17 R in any statement that the company makes available to the customer in accordance with the periodic reporting rules in COBS 16.33 or by other separate documents. as long as they are prepared for the same date and are delivered to the customer within a reasonable time. the customer has his or her habitual residence outside the United Kingdom; MiFID II prohibits companies from entering into TTCAs with private customers. A TTCA means that the customer takes a credit risk vis-à-vis the company. The prohibition applies to both asset-related and money-related TTCAs. The ACF proposes to amend CASS to reflect these requirements. the retail investor (orally or in writing) of its intention to exercise its rights to inform at least three working days before its exercise. CASS 2.3.19 R refers to the customer`s cash status on the invoice date for each customer.
At present, there is no requirement for explicit client consent for investment in a QMMF. MiFID II requires this and the ACF proposes to amend CASS to reflect these requirements. CASS has many registration requirements that are listed everywhere….