INMA 6.1.15 Use of customers’ investments for firms’ own purposes
(1) Subject to subrule (2), an INMA firm that provides custody services must not use a customer’s custody investment for its own purpose or that of another person.
(2) An INMA firm may use a customer’s custody investment for its own purposes or those of another person, if it has systems and controls to ensure that:
(a) it obtains the customer’s prior written permission;
(b) adequate records are maintained to protect custody investments that are applied as collateral or used for stock lending;
(c) equivalent assets can be returned to the customer; and
(d) the customer is not disadvantaged by the use of the investment.
|Derived from QFCRA RM/2014-4 (as from 1st January 2015).|