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Status: You are viewing the version of the handbook as on 2005-06-30.

CASS 1.4 Application: particular activities

Occupational pension scheme firms (OPS firms)

CASS 1.4.1RRP

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 customers

CASS 1.4.2GRP

CASS 2 (Custody rules) to CASS 4 (Client money and mandates: designated investment business) apply in respect of any stock lending activity undertaken with or for a customer by a firm.

Corporate finance business

CASS 1.4.3GRP

CASS 2 (Custody rules) to CASS 4 (Client money and mandates: designated investment business) apply in respect of corporate finance business undertaken by a firm.

Oil market activity and energy market activity

CASS 1.4.4GRP

CASS 2 (Custody rules) to CASS 4 (Client money and mandates: designated investment business) apply in respect of oil market activity and other energy market activity undertaken by a firm.

Appointed representatives

CASS 1.4.5GRP
  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's appointed representative (when acting as such) will be treated as having been done or omitted by the firm (section 39(4) of the Act).

  2. (2)

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

Depositaries

CASS 1.4.6RRP

CASS 4.1 to CASS 4.4 donot apply to a depositary when acting as such.

CASS 1.4.7RRP

The remainder of CASS applies to a depositary, when acting as such, with the following general modifications:

  1. (1)

    except in CASS 4.5, 'client' means 'trustee', 'trust' or 'collective investment scheme' as appropriate; and

  2. (2)

    in CASS 4.5, 'client' means 'trustee' 'collective investment scheme' or 'collective investment scheme instrument' as appropriate.

CASS 1.4.8R

In relation to a trustee firm which is not a depositary, when acting as such, and which falls within COB 11.5.1 R(1);

  1. (1)

    CASS does not apply except CASS 4.5 (Mandates); and

  2. (2)

    in CASS 4.5, 'Client' means 'trustee', 'trust' or 'trust instrument' as appropriate.