BREAKING: Festivus newsletter out now! Questions? Introduction This guide is intended to be a summary document setting out: By your continued use of this site you accept such use I understandI understand Its format is different compared to writing any personal letter. Letter of Acknowledgement of Payment Received In business, once you have received the payment, sending a formal acknowledgement letter to your debtor or business associate is a must. You can modify this format as your requirement.] Intermediaries are reminded of their regulatory obligations to ensure that client assets are adequately safeguarded, pursuant to paragraph 11.1(a) of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. Acknowledgement Letter Of Funds Received Word Format - Free Download. Requests? Client Asset Acknowledgement Letters This FAQ provides further guidance on the requirement for intermediaries and authorised institutions to prepare and sign client asset acknowledgement letters as set out in the circular, “New measure to protect client assets”, issued by the Securities and Futures Commission on 8 July 2019. Acknowledgement Letter … The letter confirms receipt of documents and highlights actions to be taken as requested in the letter. The written acknowledgment must contain the futures commission merchant 's authorization to the depository to provide the written acknowledgment to the Commission and to the futures commission merchant 's designated self-regulatory organization without further notice to or consent from the futures commission merchant. You should ensure the following: That the account name of any client money account has the word “client” or “client money” within it; and Account-level fees (such as minimum balance fees and fund transfer charges) should not be deducted from Client Asset Accounts. Knowing this, it can be a struggle to find the right kind of words to say, let alone the right format to use. A letter of acknowledgement can be written in the form of a letter, an email or a post card. An acknowledgement letter for a payment received will serve two purposes—informing the customer that you have received the payment and providing you with yet another chance to advertise your or service. This letter written as a polite response to the correspondence and association between you and the recipient. If you continue to use this website, you are agreeing to their uses. Suggestions? Email enquiry@sfc.hk, We use cookies to improve the website performance and user experience. An acknowledgment letter is a letter that is normally written in a business tone. 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This is an article about the FCA’s custody and client money rules — client assets — and is fondly known by its chapter in the FCA Sourcebook The Client Money Acknowledgment Letter is a letter that a CASS firm must get under CASS 7.18 from any clearing house or intermediate broker it appoints to whom it will pay client money. APRIL 23RD, 2018 - USE THE SAMPLE PAYMENT RECEIVED RECEIPT LETTER TO SEND TO YOUR CLIENT EASY TO CUSTOMIZE FORMAT FOR ACKNOWLEDGEMENT LETTER FOR MONEY RECEIPT FOR REFERENCE''the abcs of a donation acknowledgment letter april 28th, 2018 - an example could be a dinner where some of the money pays for the meal while the rest is a … The donor can’t provide a receipt or proof from a bank statement or canceled check to prove the money was given to the nonprofit. That doesn't require a letter per se, though there are those in the CASS firm community who like to get one nonetheless. As explained in the 8 July 2019 circular, intermediaries are required to put in place client asset acknowledgement letters for their client accounts and trust accounts holding client assets at authorised institutions. We received your contribution on January 24, 20XX in the amount of $300.00 No goods or services were provided to you by SOC in return for your contribution. Securities and Futures Commission54/F, One Island East18 Westlands Road, Quarry Bay, Hong Kong, Tel +852 2231 1222 Whilst overseas client assets might fall outside the ambit of the Securities and Futures (Client Money) Rules and Securities and Futures (Client Securities) Rules, intermediaries should perform due diligence to assess and ensure that client assets held overseas are adequately protected by the relevant rules and regulations in the corresponding jurisdiction. Letter Of Payment Sample Letter Of Payment. We’d love to hear from you. This page was last edited on 29 March 2019, at 11:38. Another name for acknowledgment letters is a letter of … Clause (f) aims to prevent charges incidental to the servicing and maintenance of Client Asset Accounts from being offset against client assets. Format for Acknowledgement Letter for Money Receipt Formally, whenever you receive payment or money from your customer or client, it is important to send acknowledgement receipt of full payment. We use cookies to improve your experience. These are accounts opened in accordance with the Securities and Futures (Client Money) Rules and Securities and Futures (Client Securities) Rules to hold client money and securities in Hong Kong (Client Asset Accounts). As CASS 7.14 so neatly puts it: It is designed to reinforce the separation of CASS clients’ claim from any other obligation that intermediary has to the firm (be it relating to house positions or non-CASS client positions): Note this is a different thing from the requirement a custodian has no security interest over client assets under CASS 6.3.5 and 6.3.6. This FAQ provides further guidance on the requirement for intermediaries and authorised institutions to prepare and sign client asset acknowledgement letters as set out in the circular, “New measure to protect client assets”, issued by the Securities and Futures Commission on 8 July 2019. Acknowledgement letters Acknowledgement letters are designed to ring fence client money as being separately identifiable from the firms of accounts through statutory trust. Therefore, be compassionate and make it clear to the customer that you understand. • External client money reconciliations • Internal client money reconciliations • Non-standard methods of internal client money reconciliation • Standard methods of internal client money reconciliation 1 June 2015 CASS 7 – Acknowledgement Letters • Acknowledgment letters and template letters • Overseas counterparties We refer to the following transaction account[s] which [name of CASS firm], regulated by the Financial Conduct Authority (Firm Reference Number [FRN]), ("us", "we" or "our") has opened or will open with [name of counterparty] ("you" or "your"): [insert the account title[s], the account unique identifier[s] (for example, as relevant, account number, reference code or pool ID) and (if applicable) any abbreviated name of the account[s] as reflected in the counterparty's systems]. An acknowledgment letter also referred to as a letter of receipt or a formal written notice of recognition, is a document used by businesses to formally acknowledge the receipt of something, for example, an invoice that can be used for record-keeping, a courtesy, or to raise an issue with whatever service was received. Suggestions? Share This! An acknowledgement letter should clearly indicate the intent to write that letter, the subject matter must be precise and unambiguous. The letter should also be sent immediately to the customer so that he/she can visit the shop soon and claim their money back. Failing to correctly execute an acknowledgement letter could weaken this protection. A Debt Acknowledgment Form, also sometimes called a Debt Acknowledgment Letter, is a document signed by one primary party, the debtor, as an acknowledgment of a specific amount of money owed to another party, the creditor. Are intermediaries required to procure client asset acknowledgment letters for overseas accounts which hold clients’ assets? https://jollycontrarian.com/index.php?title=Client_Money_Acknowledgment_Letter_-_CASS_Provision&oldid=29080. In cases where securities trading or custodian accounts are designated as client or trust accounts, then brokerage or other proper charges in connection with dealing in securities and futures on behalf of clients (such as trade-related charges and charges incidental to corporate actions) may be deducted from Client Asset Accounts. Any personal letter or payment you have Received an item, document or payment confirms receipt documents... Important: CASS changed quite a bit after MiFID II maintenance of client accounts! ] the `` client Transaction Account [ s ] '' ) a post card can modify this format your! Money as being separately identifiable from the firms of accounts through statutory trust for Donation Amount Received general receipt rocket! 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