CASS 1A.1 Application

CASS 1A.1.1R
  1. (1)

    1Subject to (2), (3) and (4)3, this2 chapter applies to a firm to which either or both of CASS 6 (Custody rules) and CASS 7 (Client money rules) applies.

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  2. (2)

    In relation to a firm to which CASS 5 (Client money: insurance mediation activity) and CASS 7 (Client money rules) apply, this chapter does not apply in relation to client money that a firm holds in accordance with CASS 5.

  3. (3)

    The rules and guidance in CASS 1A.2 apply to a firm even if at the date of the determination or, as the case may be, the notification, either or both of CASS 6 and CASS 7 do not apply to it, provided that:

    1. (a)

      either or both of those chapters applied to it during part or all of the previous calendar year; or

    2. (b)

      it projects that either or both will apply to it in the current calendar year.2

  4. (4)

    This chapter does not apply to a firm to which only CASS 6 applies, applied or is projected to apply, merely because:43

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    1. (a)

      it is, was, or is projected to be a firm which arranges safeguarding and administration of assets; or4

    2. (b)

      when acting as a small AIFM and in relation to excluded custody activities, it would be, would have been or would be projected to be a firm which arranges safeguarding and administration of assets but for the exclusion in article 72AA of the RAO.4

CASS 1A.1.2R

5The rules and guidance in CASS 1A.2 (CASS firm classification) do not apply to a firm following its failure.