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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 clients3

CASS 1.4.2GRP
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 1.4.3GRP
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 1.4.4GRP
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 1.4.5GRP
  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'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 1.4.6RRP

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

133
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 the mandate rules,1 'client' means 'trustee', 'trust' or 'collective investment scheme' as appropriate; and

    1
  2. (2)

    in the mandate rules,1 'client' means 'trustee' 'collective investment scheme' or 'collective investment scheme instrument' as appropriate.

    1
CASS 1.4.8R
2
  1. (1)

    Other than the mandate rules,3 CASS does not apply to a trustee firm which is not a depositary,3 or the trustee of a personal pension scheme or stakeholder pension scheme, unless MiFID applies to it, in which case the custody chapter and the client money chapter do apply.32

    132
  2. (2)

    In 2the custody chapter, the client money chapter and the mandate rules, 'client' means 'trustee', 'trust',1 'trust instrument' or 'beneficiary',1 as appropriate.

    21331