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CL-3.2.2

Before an investment firm licensee deposits client assets with a third party it must notify the third party that:

(a) The collateral does not belong to the investment firm licensee; and
(b) The third party is not entitled to claim any lien or right of retention or sale over the collateral except to cover the obligations of the client which gave rise to that deposit, pledge, charge or security arrangement or any charges relating to the administration or safekeeping of the collateral.
Amended: January 2007