COB A5.5.1

The requirement for an Authorised Firm to pay Client Money into a Client Account does not, subject to COB Rule A5.5.2 and COB Rule A5.5.4, apply with respect to such Client Money:

(a) received in the form of cheque, or other payable order, until the Authorised Firm, or a Person or account controlled by the Authorised Firm, is in receipt of the proceeds of that cheque;
(b) temporarily held by an Authorised Firm before forwarding to a Person nominated by the Client;
(c) in connection with a Delivery Versus Payment Transaction where:
(i) in respect of a Client purchase, Client Money from the Client will be due to the Authorised Firm within one day upon the fulfilment of a delivery obligation; or
(ii) in respect of a Client sale, Client Money will be due to the Client within one day following the Client's fulfilment of a delivery obligation; or
(d) held in the Client's own name where the Authorised Firm has a mandate to manage the Money on a discretionary basis.
Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
[Amended] DFSA RM226/2018 (Made 6th June 2018). [VER30/08-18]
[Added] DFSA RMI267/2020 (Made 26th February 2020). [VER36/04-20]