(1) Subject to COB Rule A5.7.3, an
Authorised Firm may only pass, or permit to be passed, a Segregated Client's Money to a Third Party Agent if:
Client Money is to be used in respect of a Transaction or series or Transactions for that Client;
Client Money is to be used to meet an obligation of that Client; or
Third Party Agent is a Bank or a Regulated Financial Institution which is authorised to accept or take Deposits.
(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.