INMA 5.10.5 Client money received after firm-related distribution event
(1) If an investment business firm receives client money after a firm-related distribution event:
(a) the money must not be pooled with client money held in a client bank account that was opened before the event; and
(i) the money must be returned to the relevant customer without delay; or
(ii) if the money cannot be returned without delay — the money must be paid into a client bank account opened after the event, and must be held in the account until it can be returned to the customer.
(2) However, client money received by an investment business firm after a firm-related distribution event need not be returned to the customer to the extent that:
(a) the money relates to a transaction that had not been completed at the time of the event and the firm has decided to use it to complete the transaction; or
(b) it is due from the customer to the firm at the time of the event.
|Derived from QFCRA RM/2014-4 (as from 1st January 2015).|