INMA Division 5.10.A INMA Division 5.10.A Client money distribution rules — general
INMA 5.10.1 Firm-related distribution event
Each of the following is a firm-related distribution event for an investment business firm:
(a) the appointment of a liquidator, receiver or administrator or of a trustee in bankruptcy;(b) an event in any jurisdiction equivalent to an appointment mentioned in paragraph (a);(c) the withdrawal of the firm’s authorisation;(d) the imposition or variation of a condition, restriction or requirement on the firm’s authorisation so that it is no longer permitted to hold client money.Derived from QFCRA RM/2014-4 (as from 1st January 2015). INMA 5.10.2 Third-party-related distribution event
Each of the following is a third-party-related distribution event for an eligible bank or eligible third party:
(a) the appointment of a liquidator, receiver or administrator or of a trustee in bankruptcy;(b) an event in any jurisdiction equivalent to an appointment mentioned in paragraph (a).Derived from QFCRA RM/2014-4 (as from 1st January 2015). INMA 5.10.3 Duty to notify distribution events
An investment business firm must have procedures to ensure that the Regulatory Authority and the firm’s customers are promptly informed of:
(a) any firm-related distribution event; or(b) any third-party-related distribution event in relation to:(i) an eligible bank with which the firm maintains a client bank account for money received from those customers; or(ii) an eligible third party to which the firm pays client money of those customers.Derived from QFCRA RM/2014-4 (as from 1st January 2015).