COBS 14.2.3 Client Money

Past version: effective from 21/10/2015 - 20/10/2015
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(a) An Authorised Person in Category 4 must not hold Client Money.
(b) An Authorised Person which holds or controls Client Money for a Client must comply with these Client Money Rules.
(c) Where the Client is a Market Counterparty, an Authorised Person may exclude the application of the Client Money Rules but only where it has obtained the prior written consent of the Market Counterparty to do so.
(d) An Authorised Person which holds or controls Client Money must arrange for a Client Money Auditor's Report to be submitted to the Regulator on an annual basis.