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COB A5.7.1

Past version: effective from 01/07/2008 - 31/07/2009
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(1) Subject to COB Rule A5.7.3, an Authorised Firm may only pass, or permit to be passed, a Segregated Client'sMoney to a Third Party Agent if:
(a) the Client Money is to be used in respect of a Transaction or series or Transactions for that Client;
(b) the Client Money is to be used to meet an obligation of that Client; or
(c) the Third Party Agent is a bank.
(2) In respect of (1)(a) and (b), an Authorised Firm must not hold any excess Client Money with the Third Party Agent longer than necessary to effect a Transaction or satisfy the Client's obligation.
Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]