INMA 6.1.8 Investments not treated as custody investments — investments held temporarily for customers
An INMA firm need not treat a relevant investment as a custody investment when it holds the investment temporarily on behalf of a customer, if the firm:
(a) keeps the investment secure, records it as belonging to that customer, and forwards it to the customer or in accordance with the customer’s instructions, as soon as practicable after receiving it;
(b) retains it for no longer than the period that the firm has determined (after taking reasonable steps) to be necessary to check for errors and to receive the final documents in connection with any series of transactions to which the documents relate; and
(c) makes a record of all the investments handled in accordance with paragraphs (a) and (b), the details of the customer and any action that the firm has taken.
|Derived from QFCRA RM/2014-4 (as from 1st January 2015).|