Clifford Chance

Transaction Services Newsletter - March 2011

4 March 2011

There's trouble with the omnibus. Not another story about breakdown of the famous red London bus, but this time an account structure is in trouble – the wellknown arrangement under which clients' securities are co-mingled in a single account held with their broker or custodian. In this issue we take a look at recent regulatory developments which affect the viability of omnibus accounts, starting with the FSA's new Client Assets Rules which take effect on 1 March 2011 (with some transitional relief until October).

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