INMA 6.1.5 Holding custody investments
(1) An INMA firm holds or controls custody investments if:
(a) the investments are directly held by the firm;
(b) they are held in an account in the firm’s name; or
(c) they are held by a person, or in an account in the name of a person, controlled by the firm.
(2) For subrule (1):
(a) a person holds a custody investment if the document of title for the investment is in the person’s physical possession, or legal title to the investment is registered in the person’s name;
(b) a person controls an account if the account is operated in accordance with the person’s instructions; and
(c) an INMA firm controls a person if the person is inclined to act in accordance with the firm’s instructions.
|Derived from QFCRA RM/2014-4 (as from 1st January 2015).|