Versions

 

1. Citation, commencement and interpretation

(1) These Rules may be cited as the Commercial Licensing Regulations 2015 (Client Money) Rules 2021.
(2) In these Rules and any guidance issued by the Registrar pursuant to these Rules–
"Client" means each person who has entered into or intends to enter into an agreement with a Licensed Firm for the provision of services by the Licensed Firm,
"Client Account" has the meaning given in Rule 6(1),
"Client Money" has the meaning given in Rule 4,
"Firm-Related Distribution Event" means, in respect of a Licensed Firm, any one or more of the following–
(a) the appointment of a liquidator, receiver or administrator or of a trustee in bankruptcy,
(b) an event in any jurisdiction equivalent to an appointment mentioned in paragraph (a),
(c) the withdrawal or cancellation by the Registrar of the Licensed Firms' licence, or
(d) the imposition or variation of a condition, restriction or requirement on the Licensed Firms' licence so that it is no longer permitted to hold Client Money,
"Licensed Firm" means a Licensed Person who is obliged to comply with these Rules,
"money" includes any right, instruction or direction to pay or be paid money or money's worth; and
"Regulations" means the Commercial Licensing Regulations 2015.
(3) Terms used in these Rules which are defined in the Regulations shall have the meaning given to them in the Regulations.
(4) These Rules come into force on 12 April 2021.