What are the Client Asset Requirements?
The Client Asset Requirements (CAR) are applicable to Quilter Cheviot Europe Limited (QCE) pursuant to the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2023 (the Regulations). The CAR are contained within Part 6 of the Regulations. They are the legislative rules that QCE must follow in safeguarding your assets and form part of the Central Bank of Ireland’s client asset protection regime which was first introduced under the European Union (Markets in Financial Instruments) Regulations 2017 (MiFID Regulations).
The CAR are designed to ensure that investment firms holding client assets have the necessary processes and controls in place to safeguard and protect those assets.
Under the client asset protection regime, client assets consist of both funds and financial instruments.
Client funds means any funds to which you are beneficially entitled in relation to investment services, i.e., cash that QCE holds for you in connection with the services provided to you. This includes electronic receipts, cheques, or other payable orders.
Client financial instruments generally means all types of securities such as equities, bonds, units in collective investment schemes and other non-cash assets held by QCE on your behalf.