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  • 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).