Prime brokerage meaning

Scope of this Practice Note This Practice Note sets out the Financial Conduct Authority’s (FCA) custody requirements contained in the Client Assets sourcebook (CASS), a component of the FCA Handbook, that regulated firms must adhere to when safeguarding and administering investments. These provisions cover custody assets, encompassing safe custody investments (being designated investments that a firm accepts or holds for a client) and any additional assets kept within the same portfolio as those safe custody investments for that client. It therefore sets parameters for firms’ conduct whenever they hold or control a client’s designated investments and any associated assets within that client’s portfolio appropriately. What do the cover? The chapter 6 custody rules in the Financial Conduct Authority’s (FCA) Client Assets sourcebook (CASS) explain the steps a firm must take when it undertakes the regulated activity of safeguarding and administering investments. For further detail on this activity, see Practice Note: Safeguarding and administering investments. Those rules extend to custody assets, comprising safe custody investments (that is,...

This glossary sets out numerous expressions regularly encountered in the restructuring & insolvency sphere. Words shown in bold within definitions are themselves explained in other entries in this glossary as well. A Article X The MLIJ contains a single provision named Article X, aimed at jurisdictions that have already implemented the MLCBI, like England, or are weighing its adoption. Article X states: ‘Not withstanding any prior interpretation to the contrary, the relief available under [insert a cross-reference to the legislation of this State enacting Article 21 of the UNCITRAL Model Law on Cross-Border Insolvency] includes recognition and enforcement of a judgment’ (see Practice Note: UNCITRAL model law on recognition and enforcement of insolvency-related judgments (MLIJ): Article X). Asset-backed security (ABS) A form of security anchored by asset pools, for example loans, leases, and credit card receivables. Assimilated law From 1 January 2024, ‘retained law’ has been retitled ‘assimilated law’. The body of domestic law originally arising from EU obligations, created by the European...

Banking & Finance glossary A Auditing and Accounting Organisation for Islamic Financial Institutions (AAOIFI) The foremost Islamic, international, autonomous, independent, not-for-profit corporate body that develops and issues accounting, auditing, governance, ethics and Shari’ah benchmarks and standards for Islamic Financial Institutions (IFIs) and the wider Islamic finance sector. Founded in Bahrain in 1991, it is backed by a number of institutional members across more than 45 countries, including central banks and regulatory authorities, financial institutions, accounting and auditing practices, and legal firms. Its pronouncements are currently applied by leading Islamic financial institutions across the world and have advanced a progressive and gradual harmonisation of global Islamic finance practice. It also delivers professional qualification programmes—notably Certified Islamic Professional Accountant (CIPA), Certified Shari’ah Adviser and Auditor (CSAA), and the corporate compliance programme—in efforts to strengthen the industry’s human capital and governance frameworks. For further details, see Practice Note: Key participants in the Islamic finance industry—Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Acceleration Acceleration is the formal action...