COBS 14.1.3 General Requirements
Past version: effective from 21/10/2015 - 20/10/2015
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(a) An Authorised Person which holds or controls Client Money must comply with the provisions of Rule 14.2 (the "Client Money Rules") in relation to that Client Money and have systems and controls in place to be able to evidence compliance with the Client Money Rules.
(b) An Authorised Person which holds or controls Client Investments, Provides Custody or Arranges Custody must comply with Chapter 15.
(c) An Authorised Person must have systems and controls to ensure that Client Assets are identifiable and secure at all times.
(d) Where the Authorised Person holds a mandate, or similar authority over an account with a third party, in the Client's own name, its systems and controls must:
(i) include a current list of all such mandates and any conditions placed by the Client or by the Authorised Person on the use of the mandate;
(ii) include the details of the procedures and authorities for the giving and receiving of instructions under the mandate; and
(iii) 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 Person entering into such Transactions.