Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
Will Financial Conduct Authority (FCA) proposals add to the administrative and operational burden for firms holding client money? James Smethurst of Freshfields Bruckhaus Deringer says firms need to consider the impact on their client money and assets operations carefully.
Where are we now?
Proposals from the FCA on material changes to the rules in relation to client money, custody assets and mandates could see the introduction of multiple client money pools and an extension to the scope of the mandate rules. Changes are proposed to the client assets rules which are applicable to firms subject to the client assets sourcebook with the aim of enhancing the client assets regime to provide improved results for customers. The consultation (Review of the client assets regime for investment business--CP13/5) closed on 12 August 2013 for indirect client clearing proposals and will close on 11 October 2013 for all others.
Is a review of client asset handling regime necessary?
The principal reason for the FSA/FCA undertaking a review of the client assets regime was the difficulties with the operation of the current regime, highlighted by the collapse of Lehman Brothers and, to a lesser extent, MF Global. The current proposals include some changes to bring the client money rules into line with certain requirements in the European Markets Infrastructure Regulation (EMIR) relating to margin segregation and porting for indirect client
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
0330 161 1234