Entire Section
COB A5.3 COB A5.3 Payment of Client Money into Client Accounts
COB A5.3.1
Where an
Authorised Firm holds or controlsClient Money it must ensure, except where otherwise provided in COB section A5.5 that theClient Money is paid into one or moreClient Accounts within one day of receipt.Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]COB A5.3.2
Subject to COB Rule A5.3.3, an
Authorised Firm must not deposit its ownMoney into aClient Account .Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]COB A5.3.3
(1) AnAuthorised Firm may deposit its ownMoney in aClient Account where:(a) it is a minimum sum required to open the account, or to keep it open;(b) theMoney is received by way of mixed remittance provided theAuthorised Firm transfers out that part of the payment which is notClient Money within one day of the day on which theAuthorised Firm would normally expect the remittance to be cleared;(c) interest credited to the account exceeds the amount payable toSegregated Clients , provided that theMoney is removed within twenty five days; or(d) it is to meet a shortfall inClient Money .(2) Where anAuthorised Firm deposits anyMoney into aClient Account suchMoney isClient Money until such time as theMoney is withdrawn from theClient Account in accordance with theClient Money Provisions .Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
[Amended] DFSA RM66/2009 (Made 1st August 2009). [VER16/08-09]COB A5.3.4
An
Authorised Firm must maintain systems and controls for identifyingMoney which must not be in aClient Account and for transferring it without delay.Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]COB A5.3.5 COB A5.3.5
Where an
Authorised Firm is aware that aPerson may make a payment ofClient Money to theAuthorised Firm , it must take reasonable steps:(a) to ensure that such payment ofClient Money is directed to aClient Account ; and(b) to ensure that theAuthorised Firm is notified by thatPerson of such payment as soon as reasonably practicable.Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]COB A5.3.5 Guidance
An
Authorised Firm should have procedures for identifyingClient Money received by theAuthorised Firm , and for promptly recording the receipt of theMoney either in the books of account or a register for later posting to theClient cash book and ledger accounts. The procedures should coverClient Money received by theAuthorised Firm through the mail, electronically or via agents of theAuthorised Firm or through any other means.Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]