COBS 14.2.5 Client Accounts

Past version: effective from 21/10/2015 - 20/10/2015
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(a) A Client Account in relation to Client Money is an account which:
(i) is held with a Third-Party Agent as banker, pursuant to Rules 14.2.714.2.8;
(ii) is established to hold Client Money;
(iii) is maintained in the name of:
(A) if an Abu Dhabi Global Market Firm, the Authorised Person; or
(B) if a non-Abu Dhabi Global Market Firm, a Nominee Company controlled by the Authorised Person; and
(iv) includes the words "Client Account" in its title.
(b) An Authorised Person can hold Client Money in a Client Account, a Designated Client Account or a Designated Client Fund Account. Rule 14.2.5 applies to each type of Client Account.
(c) An Authorised Person must maintain a master list of all Client Accounts. The master list must detail:
(i) the name of the account;
(ii) the account number;
(iii) the location of the account;
(iv) the banker or custodian, its address and contact information;
(v) the account terms and conditions;
(vi) whether the account is currently open or closed; and
(vii) the date of opening or closure.
(d) The details of the master list must be documented and maintained for at least six years following the closure of an account.