Client Money

FCA publishes Handbook changes for crowdfunding and P2P lending

The FCA today published the policy statement “PS16/8: FCA Handbook changes regarding the segregation of client money on loan-based crowdfunding platforms, the Innovative Finance ISA, and the regulated activity of advising on peer-to-peer agreements”. This policy statement summarises and gives the FCA’s response to feedback to CP16/4: Loan-based crowdfunding platforms and segregation of client money …

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Australian regulator imposes additional licence conditions on investment bank

The Australian regulator ASIC has imposed additional conditions on the Australian financial services (AFS) licence of Macquarie Bank Limited (Macquarie). The additional conditions were imposed on Macquarie following an investigation by ASIC into a series of breach reports lodged by Macquarie relating to breaches of the client money provisions of the Corporations Act, between March 2004 …

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FCA launches consultation on client assets regime

The FCA today has published a discussion paper (“DP16/2: CASS 7A and the Special Administration Regime Review”) on a number of aspects of the client assets regime, in particular regarding the client money distribution rules (CASS 7A) and their interaction with the Special Administration Regime (SAR). According to the FCA, if an investment firm holding client …

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