Transitional Provisions and Schedules
CASS TP 1
Transitional Provisions
CASS TP 1.1
| (1) | (2) Material to which the transitional provision applies | (3) | (4) Transitional provision | (5) Transitional provision: dates in force | (6) Handbook provision: coming into force |
| 1 | CASS 2 to CASS 4 | R | COB TP 1 to COB TP 4 apply to provisions in CASS in the same way as they did to the equivalent provisions included in COB 9 before 1 January 2004. | Indefinite | 1 January 2004 |
| 2 | Every rule in the Handbook | R | If a firm or its auditors make reference to a provision in COB 9 in a document, record, report or return, the FSA will take this as a reference to the equivalent provision in CASS 2 to CASS 4. | 1 January 2004 for 12 months | 1 January 2004 |
| G | As a result of 2, firms will not have to replace their terms of business or client agreements immediately on the introduction of CASS | ||||
| G | If a waiver granted before 1 January 2004 refers to a provision in COB 9 it will continue to be effective in relation to the equivalent provision in CASS. |
- 01/12/2004
CASS Sch 1
Record keeping requirements
- 01/12/2004
CASS Sch 1.1
See Notes
| The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record keeping requirements. |
- 01/12/2004
CASS Sch 1.2
See Notes
| It is not a complete statement of those requirements and should not be relied on as if it were. |
- 01/12/2004
CASS Sch 1.3
See Notes
| Handbook reference | Subject of record | Contents of record | When record must be made | Retention period |
| CASS 2.1.9 R | A personal investment firm that temporarily holds a client's designated investments | Client details and any actions taken by the firm | 3 years (from the making of the record) | |
| CASS 2.3.6 R (1)(c) | Safe custody: arrangements for clients ordinarily outside the United Kingdom | The steps taken and result under CASS 2.3.6 R (1)(c) | On determination that client does not wish to execute agreement | 3 years |
| CASS 2.6.15 R | Client custody assets held or received by or on behalf of a client or which the firm has arranged for another to hold or receive | Full details | On receipt | 3 years |
| CASS 2.6.16 R | Safe custody investments used for stock lending activities | The identity of safe custody investments available to be lent, and those which have been lent | On receipt | 3 years |
| CASS 4.3.111 R | Client money | Sufficient records to show and explain firm's transactions and commitments | Maintain current full details | 3 years (after records made) |
| CASS 4.4.24 R (3) | Client money shortfall | Each client's entitlement to client money shortfall at the failed bank | Maintain up to date records | Until client repaid |
| CASS 4.4.25 R (3) | Client money shortfall | Each client's entitlement to client money shortfall at the failed intermediate broker, settlement agent or OTC counterparty | Maintain up to date records | Until client repaid |
| CASS 4.4.31 R (3) | Client money shortfall | Each client's entitlement to client money shortfall at the failed intermediate broker, settlement agent or OTC counterparty | Maintain up to date records | Until client repaid |
| CASS 4.5.5 R | Adequate records and internal controls in respect of the firm's use of mandates (see CASS 4.5.5 R (1) to (4)) | Up to date list of firm's authorities, all transactions entered into, important client documents held by the firm | Maintain current full details |
- 01/12/2004
CASS Sch 2
Notification requirements
- 01/12/2004
CASS Sch 2.1
See Notes
| Handbook reference | Matter to be notified | Contents of notification | Trigger event | Time allowed |
| CASS 2.6.14 R (1) | Non-compliance with reconciliation requirements in CASS 2.6.2 R, CASS 2.6.4 R, CASS 2.6.6 R, CASS 2.6.8 R, CASS 2.6.10 R | Reason for Non-compliance | Non-compliance | Immediately |
| CASS 2.6.14 R (2) | Non-compliance of reconciliation requirements in CASS 2.6.11 R | Reason for Non-compliance once reconciliation carried out | Non-compliance | Immediately |
| CASS 4.3.64 R | Failure of a third party with which money is held - ie: bank, intermediate broker, settlement agent or OTC counterparty or other entity with which it has placed or to which it has passed client money | Full details | When firm becomes aware of the failure of the entity | Immediately |
| CASS 4.3.64 R | Failure of a third party with which money is held - ie: bank, intermediate broker, settlement agent or OTC counterparty or other entity with which it has placed or to which it has passed client money | Intentions regarding making good any shortfall that has arisen or may arise, and of the amounts involved | Failure of third party with which money is held | As soon as reasonably practical |
| CASS 4.3.87 R | Daily calculation required by CASS 4.3.66 R or CASS 4.3.67 R | Inability to perform daily calculation | Inability to perform daily calculation | Immediately |
| CASS 4.3.88 R | Daily calculation required by CASS 4.3.66 R or CASS 4.3.67 R | Inability to make good any shortfall identified by daily calculation | Inability to make good any shortfall identified by close of business on the day of calculation | Immediately |
| CASS 4.3.97 R | Requirements detailed in CASS 4.3.89 R, CASS 4.3.91 R, CASS 4.3.92 R, CASS 4.3.94 R and CASS 4.3.95 R. | Inability to comply with any of the requirements | Inability to comply with any of the requirements | As soon as possible |
| CASS 4.3.110 R | LME bond arrangements | Issue of an individual letter of credit issued by the firm | Upon issue of an individual letter of credit under an LME bond arrangement | Immediately |
| CASS 4.4.33 R (see CASS 4.3.64 R) | Failure of a third party with which money is held - ie: bank, intermediate broker, settlement agent or OTC counterparty or other entity with which it has placed or to which it has passed client money | Full details | When the firm becomes aware of the failure of the entity | Immediately |
| CASS 4.4.33 R (see CASS 4.3.64 R) | Failure of a third party with which money is held - i.e. bank, intermediate broker, settlement agent or OTC counterparty | Intentions regarding making good any shortfall that has arisen or may arise, and of the amounts involved | Upon first delegation of regulated activity | As soon as reasonably practical |
- 01/12/2004
CASS Sch 3
Fees and other required payments
- 01/12/2004
CASS Sch 3.1
See Notes
| There are no requirements for fees or other payments in CASS. |
- 01/12/2004
CASS Sch 4
Powers exercised
- 01/12/2004
CASS Sch 4.1
See Notes
- 01/12/2004
CASS Sch 4.2
See Notes
- 01/12/2004
CASS Sch 5
Rights of actions for damages
- 01/12/2004
CASS Sch 5.1
See Notes
| 1. | The table below sets out the rules in CASS contravention of which by an authorised person may be actionable under section 150 of the Act (Actions for damages) by a person who suffers loss as a result of the contravention |
| 2. | If a 'Yes' appears in the column headed 'For private person?', the rule may be actionable by a 'private person' under section 150 (or, in certain circumstances, his fiduciary or representative; see article 6(2) and (3)(c) of the Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001 (SI 2001/2256)). A 'Yes' in the column headed 'Removed' indicates that the FSA has removed the right of action under section 150(2) of the Act. If so, a reference to the rule in which it is removed is also given. |
| 3. | The column headed 'For other person?' indicates whether the rule may be actionable by a person other than a private person (or his fiduciary or representative) under article 6(2) and (3) of those Regulations. If so, an indication of the type of person by whom the rule may be actionable is given. |
- 01/12/2004
CASS Sch 5.2
See Notes
- 01/12/2004
CASS Sch 6
Rules that can be waived
- 01/12/2004