The Financial Conduct Authority (FCA) has launched a consultation paper
proposing material changes to the client assets rules that hold client money,
custody assets, collateral and/or mandates (or rely on exemptions contained
within CASS) in relation to investment business.
The proposals introduce new annual disclosure requirements by firms to clients on
client assets protections and also set out how firms will be required to meet
the indirect client clearing obligation under the European Markets
Infrastructure Regulation (EMIR) at chapter 8.
The proposals include changes to:
- the client money distribution regime;
- multiple client money pools;
- client money rules;
- custody rules;
- client reporting and information;
- mandates; and
- indirect client clearing.
Comments on indirect client clearing in relation to EMIR are due by 12 August 2013, and comments in relation to all other proposals are due by 11 October 2013.
Related Link:
http://www.fca.org.uk/news/cp13-5-review-of-the-client-assets-regime-for-investment-business