Content Options

CASS 1.4 Application: particular activities

Occupational pension scheme firms (OPS firms)

CASS 1.4.1R

In the case of OPS activity undertaken by an OPS firm, CASS applies with the following general modifications:

  1. (1)

    references to customer are to the OPS or welfare trust, whichever fits the case, in respect of which the OPS firm is acting or intends to act, and with or for the benefit of which the relevant activity is to be carried on; and

  2. (2)

    if an OPS firm is required by any rule in CASS to provide information to, or obtain consent from, a customer, that firm must ensure that the information is provided to, or consent obtained from, each of the trustees of the OPS or welfare trust in respect of which that firm is acting, unless the context requires otherwise.

Stock lending activity with or for clients3

CASS 1.4.2G
1
  1. (1)

    The custody chapter and the client money chapter apply in respect of any stock lending activity that is undertaken with or for a client3 by a firm. 1

    33333
  2. (2)

    The collateral rules apply, where relevant, in respect of stock lending activity.1

    3

Corporate finance business

CASS 1.4.3G
1
  1. (1)

    The custody chapter and the client money chapter apply in respect of corporate finance business that is undertaken by a firm.1

    3333
  2. (2)

    The collateral rules apply, where relevant, in respect of corporate finance business.1

    3

Oil market activity and energy market activity

CASS 1.4.4G
1
  1. (1)

    The custody chapter and the client money chapter apply in respect of oil market activity and other energy market activity that is undertaken by a firm.1

    3333
  2. (2)

    The collateral rules apply, where relevant, in respect of energy market activity.1

    3

Appointed representatives and tied agents2

CASS 1.4.5G
  1. (1)

    Although CASS does not apply directly to a firm's appointed representatives, a firm will always be responsible for the acts and omissions of its appointed representatives in carrying on business for which the firm has accepted responsibility (section 39(3) of the Act). In determining whether a firm has complied with any provision of CASS, anything done or omitted by a firm's1 appointed representative (when acting as such) will be treated as having been done or omitted by the firm (section 39(4) of the Act1). Equally, CASS does not apply directly to tied agents. A MiFID investment firm will be fully and unconditionally responsible for the acts and omission of the tied agents that it appoints. 2

    11
  2. (2)

    Firms should also refer to SUP 12 (Appointed representatives), which sets out requirements which apply to firms using appointed representatives and tied agents2.

Depositaries

CASS 1.4.6R

The client money chapter 1 does 3not apply to a depositary when acting as such.

133
CASS 1.4.6AG

5Firms acting as trustee or depositary of an AIF are reminded of the obligations in FUND 3.11 (Depositaries) and Chapter IV (Depositary) of the AIFMD level 2 regulation which apply in addition to those in CASS.

CASS 1.4.6BG

9Firms acting as trustee or depositary of a UCITS are reminded of the obligations in COLL 6.6B (UCITS depositaries) and in the UCITS level 2 regulation, 10which apply in addition to those in CASS.

CASS 1.4.7R

Subject to CASS 1.4.6 R, 5 CASS applies to a depositary, when acting as such, with the following general modifications9: 'client' means 'trustee', 'trust', 'AIF', 'AIFM acting on behalf of the AIF', ‘UCITS scheme’, ‘authorised fund manager acting on behalf of the UCITS scheme’, 9or 'collective investment scheme', as appropriate.5

55
CASS 1.4.8R

[deleted]7

CASS 1.4.8AR
  1. (1)

    7The application of CASS for a trustee firm acting as a depositary is set out in CASS 1.4.6 R and CASS 1.4.7 R.

  2. (2)

    The application of CASS for a trustee firm that is not acting as a depositary is limited as follows:

    1. (a)

      the mandate rules apply;

    2. (b)

      for MiFID business, the custody chapter and the client money chapter apply; and

    3. (c)

      for business that is not MiFID business, the custody chapter and the client money chapter apply only to trustee firms acting as trustees of personal pension schemes or stakeholder pension schemes, including SIPPs.

  3. (3)

    To the extent that CASS applies to a trustee firm, it applies with the following general modification: 'client' means 'relevant trustee', 'trust', or 'beneficiary', as appropriate.

Auction regulation bidding

CASS 1.4.9R

[deleted]11

4
CASS 1.4.10R

[deleted]11

4
CASS 1.4.11G

[deleted]11

4
CASS 1.4.12G

[deleted]11

4
CASS 1.4.13R

[deleted]11

4
CASS 1.4.14R

[deleted]11

4

Debt management activities

CASS 1.4.15G
  1. (1)

    6The debt management client money chapter applies to CASS debt management firms receiving or holding client money.

  2. (2)

    The mandate rules apply, where relevant, to CASS debt management firms carrying on debt management activity.