Authorised Firm must have systems and controls to ensure that Client Assets are identifiable and secure at all times.
(2) Where the
Authorised Firm holds a mandate, or similar authority over an account with a third party, in the Client's own name, its systems and controls must:
(a) include a current list of all such mandates and any conditions placed by the
Client or by the Authorised Firm on the use of the mandate;
(b) include the details of the procedures and authorities for the giving and receiving of instructions under the mandate; and
(c) ensure that all
Transactions entered into using such a mandate are recorded and are within the scope of the authority of the Employee and the Authorised Firm entering into such Transactions.
Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]