Related provisions for CASS 1A.2.4
1 - 6 of 6 items.
The application of certain rules in this chapter depends upon the ‘CASS firm type’ within which a firm falls. The ‘CASS firm types’ are defined in accordance with CASS 1A.2.7 R. The ‘CASS firm type’ within which a firm falls is also used to determine whether it is required to have the CASS operational oversight function described in CASS 1A.3.1A R and1 the reporting obligations that apply to it in SUP 16.14 (Client money and asset return).
(1) A firm must once every year, and within the time limit provided for by CASS 1A.2.9R (4), determine whether it is a CASS large firm, CASS medium firm or a CASS small firm according to the amount of client money or safe custody assets which it holds, using the limits set out in the table in CASS 1A.2.7 R.(2) For the purpose of determining its ‘CASS firm type’ in accordance with CASS 1A.2.7 R, a firm must:(a) if it currently holds client money or safe custody assets, calculate
(1) Notwithstanding CASS 1A.2.2 R, provided that the conditions in (2) are satisfied a firm may elect to be treated:(a) as a CASS medium firm, in the case of a firm that is classed by the application of the limits in CASS 1A.2.7 R as a CASS small firm; and (b) as a CASS large firm, in the case of a firm that is classed by the application of the limits in CASS 1A.2.7 R as a CASS medium firm.(2) The conditions to which (1) refers are that in either case:(a) the election is made
CASS firm types
CASS firm type |
Highest total amount of client money held during the firm’s last calendar year or as the case may be that it projects that it will hold during the current calendar year |
Highest total value of safe custody assets held by the firm during the firm's last calendar year or as the case may be that it projects that it will hold during the current calendar year |
more than £1 billion |
more than £100 billion |
|
an amount equal to or greater than £1 million and less than or equal to £1 billion |
an amount equal to or greater than £10 million and less than or equal to £100 billion |
|
less than £1 million |
less than £10 million |
In relation to each calendar year beginning with that which ends on 31 December 2012, a firm must notify the FSA in writing:(1) within 15 business days of 31 December of the previous calendar year, of the highest total amount of client money and the highest total value of safe custody assets held during the previous calendar year, if it held client money or safe custody assets in that previous calendar year; or(2) within 15 business days of 31 December of the previous year, of
A firmCASS small firm1 must allocate to a director performing a significant influence function or a senior manager performing a significant influence function responsibility for:(1) oversight of the firm’s operational compliance with CASS;(2) reporting to the firm’sgoverning body in respect of that oversight; and(3) completing and submitting a CMAR to the FSA in accordance with SUP 16.14.
1A CASS medium firm and a CASS large firm must allocate to a director or senior manager the function of:(1) oversight of the operational effectiveness of that firm’s systems and controls that are designed to achieve compliance with CASS;(2) reporting to the firm’sgoverning body in respect of that oversight; and(3) completing and submitting a CMAR to the FSA in accordance with SUP 16.14.
(1) Subject to (2), a firm must make and retain an appropriate record of the person to whom responsibility is allocated in accordance with CASS 1A.3.1 R or CASS 1A.3.1A R.1(2) A CASS small firm must make and retain such a record only where it allocates responsibility to a person other than the person in that firm who performs the compliance oversight function.(3) A firm must ensure that the record made under this rule is retained for a period of five years after it is made.
(1) Certain requirements under MiFID are disapplied for:(a) eligible counterparty business;(b) transactions concluded under the rules governing a multilateral trading facility between its members or participants or between the multilateral trading facility and its members or participants in relation to the use of the multilateral trading facility;(c) transactions concluded on a regulated market between its members or participants.(2) Under PRIN 3.1.6 R, these disapplications may
This chapter sets out rules and guidance on the role auditors play in the FSA's monitoring of firms' compliance with the requirements and standards under the regulatory system. In determining whether a firm satisfies the threshold conditions, the FSA has regard to whether the firm has appointed auditors with sufficient experience in the areas of business to be conducted by the firm (COND 2.5.7 G (11)). Auditors act as a source of information for the FSA in its supervision. They