INMA 6.1.22 Reconciliations to be carried out
(1) An INMA firm that provides custody services:
(a) at least once every month — must reconcile its records of customers’ custody investments held with eligible custodians with monthly statements received from those custodians;
(b) at least every 6 months — must count every custody investment physically held by the firm or a nominee controlled by the firm, and reconcile the result of that count with the firm’s records; and
(c) at least every 6 months — must reconcile the firm’s records of each customer’s holdings with the firm’s record of the location of custody investments.
(2) An INMA firm must carry out a reconciliation required by subrule (1) within 10 business days after the date to which the reconciliation relates.
|Derived from QFCRA RM/2014-4 (as from 1st January 2015).|