INMA 5.3.1 Money that is not client money — money payable to firm

(1) Money is not client money of an INMA firm in relation to a customer if it is (or becomes) payable immediately by the customer to the firm for the firm’s own account.
(2) Without limiting subrule (1), money is payable to the firm for the firm’s own account if it is paid by the customer to the firm, or deducted by the firm from money held by it for the customer, in settlement of:
(a) a fee or charge that is payable by the customer to the firm;
(b) an amount payable by the customer to the firm in relation to an amount paid by the firm:
(i) for the purchase of an investment by or for the customer; or
(ii) in settlement of a margin payment made for the customer; or
(c) an amount payable by the customer to the firm for an unpaid purchase of an investment by or for the customer, if the investment has been delivered to the customer or credited to the customer’s account.
Derived from QFCRA RM/2014-4 (as from 1st January 2015).