Action: Companies need minor updates to the customer agreement to reflect this request for consent. MiFID II requires companies to take steps to prevent unauthorized use of the client`s assets, including agreed procedures, when a client does not have sufficient assets to settle a transaction, to monitor its ability to provide securities with corrective action if this is not possible, and to immediately request undelivered securities. Implementation of this proposal may include updating customer agreements. Measures: Companies may have to amend agreements and review/implement systems and controls to monitor and correct deficits in client assets and funds. Measures: to the extent that companies do not yet have agreements that limit the right to pledge to respect local law, companies must amend the agreements. Measures: Companies must ensure that agreements with custodians comply with these requirements and consider the establishment of a system to monitor this system, possibly with the obligation to deprive the custodian of compliance by its delegation with the above requirements. Measures: to the extent that companies do not yet assess customer liabilities, for example. B First-class mortgage contracts that define client debt and the relationship between client debt and the recovery of clients` assets, they must implement monitoring systems and amend agreements. Measures: All companies, including OPCVM managers, fund managers and custodians who do not engage in miFID activities, should be aware of these changes and, if necessary, implement them. MiFID II requires companies to verify whether the TTCA is appropriate for non-retail customers to whom the company can offer TTCs. Companies must take into account the following: MiFID II prohibits hedging with private customers (Article 16, paragraph 10, miFID II). (7) Evidence of a strong link between the security transferred under a TTCA and the client`s liability should not exclude the existence of an appropriate guarantee against the client`s obligation.
Investment firms could therefore continue to demand sufficient warranty, if necessary through a TTCA. This obligation should not prevent compliance with the requirements of regulation (EU) 648/2012 of the European Parliament and the Council and should not prohibit the appropriate use of the TTCA in the context of possible liabilities or deposits for non-clients. On September 27, 2016, we will hold our quarterly asset management update, including MiFID II. Learn more about our “Hot Topics for Funds and Asset Managers” seminar and register your seat. Measures: Companies must review their terms and conditions and ensure that private customers are able to provide scriptural guarantees or to change the nature of such a guarantee, for example, the private client retaining control of the cash. B a tax on the bank account. Financial Instruments Markets Directive II Transposition, ACF II consultation paper, July 2016, CP16/19 Note there is also a type of lawyer (Causidicus mediocris) that assumes that a TTCA could be recomposed as a pledge with apocalyptic consequences.