DvP Exemption definition

DvP Exemption means the exemption under the FCA Rules which allows a firm to temporarily dis-apply the custody rules or the client money rules in relation to money or assets held where the transaction is conducted on a Delivery vs Payment basis;

DvP Exemption means the exemption available to PSL under (i) 6.1.12R (in respect of client assets), (ii) 7.2.8AAR (in respect of client money from 1 December 2014 until 31 May 2015), or (iii) 7.11.14R (in respect of client money from 1 June 2015) of the CASS Rules and which sets out the limited circumstances in which PSL need not comply with either the custody rules or the client money rules, as appropriate, in respect of the Client’s relevant cash or Financial Instruments.

DvP Exemption means the exemption under CASS 7.11.14 of the FCA Rules as amended, substituted or replaced from time to time.

Examples of DvP Exemption in a sentence

• DvP Exemption: The Client acknowledges and agrees that PSL may, for such periods as it is permissible to do so pursuant to CASS Rules, use the DvP Exemption.

• The DvP Exemption allows the ACD two small periods of time during which the ACD can process a Shareholder’s money without holding it in a client money account (as detailed in CASS, an account designed to protect a Shareholder’s rights to money).

• In such cases, PSL will not be subject to the CASS Rules in respect of any cash or Financial Instruments it holds for the benefit of the Client and, in particular, shall not be required to record the Client’s individual entitlement to such cash or Financial Instruments until such time as relevant DvP Exemption period pursuant to CASS Rules has expired.

• Should the ACD cease at any time to use the DvP Exemption, Shareholders will be notified in writing ahead of the relevant cessation date.

• By agreeing to subscribe to Shares in the Funds, Shareholders are agreeing for the ACD to operate under the CASS DvP Exemption summarised above.

• The DvP Exemption allows Wins to dis-apply the FCA Rules relating to Client Money or Client Assets for a short period of time when settling your Transactions within a commercial settlement system.

• Investor Consent The use of terms and conditions by firms to advise investors of the new DvP Exemption is permitted under the new rules, unless firms have existing contractual arrangements with their investors to obtain signed agreement to any changes to their terms and conditions.

• Acceptance of tender/BID 19 Effect and validity of offer 20 Offers by Fax21 General22 Last date of receipt of tenders23 Clarifications24 Amendment of Tender Document.

• You hereby give Wins your express consent to fully utilise the DvP Exemption at our discretion, in accordance with the FCA Rules.

• For any fund which is invested in by your NFU Mutual Select Investment Plan or your NFU Mutual Select ISA, the manager of that fund may make use of the delivery versus payment exemption (DvP Exemption) under the Financial conduct Authority rules.