Differing levels of regulatory protection to the assets form the basis of the two different types of arrangement described in CL-3.1.2 and CL-3.1.3. Under the bare security interest arrangement, the asset continues to belong to the client until the investment firm licensee's right to realise that asset crystallises. But under a "right to use arrangement", the client has transferred to the investment firm licensee the legal title and associated rights to the asset, so that when the firm exercises its right to treat the asset as its own, the asset ceases to belong to the client and in effect becomes the investment firm licensee's asset and is no longer in need of the full range of client asset protection rules.