COBS 14.3.1 Application
Past version: effective from 21/10/2015 - 20/10/2015
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(a) An Authorised Person must treat all Investments held or controlled on behalf of a Client in the course of, or in connection with, the carrying on of Investment Business as Client Investments.
(b) An Authorised Person which holds or controls Client Investments must have systems and controls in place to ensure the proper safeguarding of Client Investments.
(c) Instead of safeguarding Client Investments, an Authorised Person may choose to safeguard Client Money equal to the value of the Client Investments.
(d) An Authorised Person:
(i) holding or controlling Client Investments;
(ii) Providing Custody; or
(iii) Arranging Custody
in or from the Abu Dhabi Global Market must do so in accordance with the Safe Custody Provisions in Chapter 15, except in relation to Client Investments held as Collateral (unless stated otherwise).