INMA 6.1.7 Investments not treated as custody investments — delivery-versus-payment transactions
(1) An INMA firm need not treat a customer’s relevant investment as a custody investment in relation to a delivery-versus-payment transaction if:
(a) in the case of a customer’s purchase — the investment is to be due to the customer within 1 business day after the customer fulfils a payment obligation; or
(b) in the case of a customer’s sale — the investment is to be due to the firm within 1 business day after a payment obligation is fulfilled;
unless the delivery or payment by the firm does not occur by the close of business within 3 business days after the date of payment or delivery of the investment by the customer.
(2) Until a transaction described in subrule (1) is settled, an INMA firm may segregate money (in accordance with the client money protection rules) instead of the investment.
|Derived from QFCRA RM/2014-4 (as from 1st January 2015).|