Securities Markets Regulations, 2015 · s 85

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

85.
A collective investment scheme administrator must not hold or control monies or assets belonging to clients in connection with such administration except in the following circumstances -
(aJ holding cheques to the order of a collective investment scheme's bank account, provided such cheques are securely held for a maximum of 3
business days prior to being deposited into the relevant collective investment scheme's bank account or returned to the drawer of the cheque; or
(bJ where a mandate over a collective investment scheme's or other clients' bank accounts is granted to a collective investment scheme administrator and the mandate has been agreed in writing with the bank, transfers out of the relevant bank accounts may be made only in circumstances where the mandate restricts instructions to make such payments to being made solely -
(i)
in accordance with the payment .of. invoiced fees and expenses; and
[ii)
in accordance with the relevant collective investment scheme's constitution and prospectus, and are not remitted to the account of the collective investment scheme administrator except by express instructions of the collective investment scheme's operator.
Delegation and service agreements.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 85

A collective investment scheme administrator must not hold or control monies or assets belonging to clients in connection with such administration except in the following circumstances -

(aJ holding cheques to the order of a collective investment scheme's bank account, provided such cheques are securely held for a maximum of 3

business days prior to being deposited into the relevant collective investment scheme's bank account or returned to the drawer of the cheque; or

(bJ where a mandate over a collective investment scheme's or other clients' bank accounts is granted to a collective investment scheme administrator and the mandate has been agreed in writing with the bank, transfers out of the relevant bank accounts may be made only in circumstances where the mandate restricts instructions to make such payments to being made solely -

(i)

in accordance with the payment .of. invoiced fees and expenses; and

[ii)

in accordance with the relevant collective investment scheme's constitution and prospectus, and are not remitted to the account of the collective investment scheme administrator except by express instructions of the collective investment scheme's operator.

Delegation and service agreements.