Past version: effective from 21/10/2015 - 20/10/2015
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(a) The exemption in Rule 14.2.1(a) does not apply to Money which is held in a Client account with a third party i.e. not held in an account with the Authorised Person itself.
(b) Pursuant to Rule 14.2.1(b), examples of Money which is immediately due and payable to an Authorised Person include Money which is:
(i) paid by the way of brokerage, fees and other charges to the Authorised Person or where the Authorised Person is entitled to deduct such remuneration from the Client Money held or controlled;
(ii) paid by the Authorised Person in relation to a Client purchase or in settlement of a margin payment in advance of receiving a payment from the Client; or
(iii) owed by the Client to the Authorised Person in respect of unpaid purchases by or for the Client if delivery of Investments has been made to the Client or credited to his account.
(c) The Fund Rules contain specific provisions relating to the handing of Fund Property and also provisions relating to a Fund Administrator holding or controlling monies or assets belonging to third parties.