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 | [deleted] | ||
| 2 | Every rule in the Handbook | R | Expired | ||
| G | Expired | ||||
| 2A | G | [deleted] | |||
| 3 | CASS 5.1 to CASS 5.6 | R | Apply in relation to money (and where appropriate designated investments) held by a firm on 14 January 2005 (being money or designated investments to which CASS 5.1 to CASS 5.6 would not otherwise apply) to the extent that such money (or designated investments) relate to business carried on before 14 January 2005 and which would, if conducted on or after 14 January 2005, be an insurance mediation activity. | Indefinitely | 14 January 2005 |
| 4 | CASS 5.1.5A R | R | A firm will satisfy the requirements of this paragraph, and money is client money, notwithstanding that an insurance undertaking which is the firm's counterparty to an agreement required by CASS 5.1.5A R has not given written consent to its interests under the trusts (or in Scotland agency) in CASS 5.3.2 R or CASS 5.4.7 R being subordinated to the interests of the firm's other clients. | 14 January 2005 for 6 months | 14 January 2005 |
| 5 | CASS 5.3.2 R | R | The interests of a firm's clients which are insurance undertakings will rank equally with the interests of the firm's other clients. | 14 January 2005 for 6 months | 14 January 2005 |
| 6 | CASS 5.4.7 R | R | A firm will satisfy the requirements of this rule notwithstanding that the deed referred to in CASS 5.8.3 R provides that money (and if appropriate designated investments) are held on terms which provide for the interests of the firm's clients which are insurance undertakings to rank equally with the interests of the firm's other clients. | 14 January 2005 for 6 months | 14 January 2005 |
| 7 | CASS 5.5.65 R | R | A firm may for the purpose of calculating its client money resource disregard any money which the firm had before 14 January 2005 transferred to an intermediate broker in circumstances analogous to those described in CASS 5.5.84 R. | 14 January 2005 for 12 months | 14 January 2005 |
- 01/11/2007
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 5.1.1 R (4) | Record of election of compliance with CASS 5.8 to CASS 5.8 provisions | Record of compliance with CASS 5.8 to CASS 5.8 provisions on client money | Not specified | Not specified |
| CASS 5.2.3 R (2) | Holding client money as agent | The terms of the agreement | Not specified | Six years |
| CASS 5.4.4 R (2) | Adequacy of systems and controls | Written confirmation of adequate systems and controls from its auditor | Not specified | Not specified |
| CASS 5.5.84 R | Client money calculation | Whether the firm calculates its client money requirements according to CASS 5.5.84 R or CASS 5.5.84 R | Not specified | Not specified |
| CASS 5.5.84 R | Transactions and commitments for client money | Explanation of the firm's transactions and commitments for client money | Not specified | Three years |
| CASS 5.8.3 R (1) | Client's title to a contract of insurance | Identity of such documents and/or property and dates received and delivered to client | Not specified | Three years |
| CASS 6.1.17 R | Record of election to comply with the MiFID custody chapter | Record of election to comply with the MiFID custody chapter, including the date from which the election is to be effective | Date of the election | 5 years (from the date the firm ceases to use the election) |
| CASS 6.3.1R (4) | Appropriateness of a MiFID investment firm's selection of a third party | Grounds upon which a MiFID investment firm satisfies itself as to the appropriateness of the firm's selection of a third party to hold financial instruments belonging to clients | Date of the selection | 5 years (from the date the firm ceases to use the third party to hold financial instruments belonging to clients) |
| CASS 6.4.3 R | Details of clients and financial instruments used for the firm's own account or the account of another client of the firm | Details of the client on whose instructions the use of the financial instruments has been effected and the number of financial instruments used belonging to each client | Maintain up to date records | 5 years (from the date the record was made) |
| CASS 6.5.1 R | Financial instruments held for each client and the firm's own financial instruments | All that is necessary to enable the firm to distinguish financial instruments held for one client from financial instruments held for any other client, and from the firm's own financial instruments | Maintain up to date records | 5 years (from the date the record was made) |
| CASS 6.5.2 R | Financial instruments held for clients | Accurate records to ensure the correspondence between the financial instruments held for each client and the financial instruments held by the firm and third parties | Maintain up to date records | 5 years (from the date the record was made) |
| CASS 7.1.3R(3) | Record of election to comply with the MiFID client money chapter | Record of election to comply with the MiFID client money chapter, including the date from which the election is to be effective | Date of the election | 5 years (from the date the firm ceases to use the election) |
| CASS 7.4.10 R | Appropriateness of a MiFID investment firm's selection of a third party | Grounds upon which a MiFID investment firm satisfies itself as to the appropriateness of the firm's selection of a third party to hold client money | Date of the selection | 5 years (from the firm ceases to use the third party to hold client money) |
| CASS 7.6.1 R | Client money held for each client and the firm's own money | All that is necessary to enable the firm to distinguish client money held for one client from client money held for any other client, and from the firm's own money | Maintain up to date records | Five years (from the date the record was made) |
| CASS 7.6.2 R | Client money held for each client | Accurate records to ensure the correspondence between the records and accounts of the entitlement of each client for whom the firm holds client money with the records and accounts of the client money the firm holds in client bank accounts and client transaction accounts | Maintain up to date records | Five years (from the date the record was made) |
| CASS 7.6.7 R | Internal reconciliation of client money balances | Explanation of method of internal reconciliation of client money balances used by the firm, and if different from the standard method of internal client money reconciliation, an explanation as to how the method used affords equivalent degree of protection to clients, and how it enables the firm to comply with the client money (MiFID business) distribution rules | Date the firm starts using the method | 5 years (from the date the firm ceases to use the method) |
| CASS 7.9.21R (3) | Client money shortfall | Each client's entitlement to client money shortfall at the failed bank | Maintain up to date records | Until client is repaid |
| CASS 7.9.23R (3) | Client money shortfall | Each client's entitlement to client money shortfall at the failed bank | Maintain up to date records | Until client is repaid |
| CASS 7.9.24R (3) | Client money shortfall | Each client's entitlement to client money shortfall at the failed bank | Maintain up to date records | Until client is repaid |
| CASS 7.9.30R (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 is repaid |
| CASS 8.1.5 R | Adequate records and internal controls in respect of the firm's use of mandates (see CASS 8.1.5R (1) to CASS 8.1.5R (4) ) | Up to date list of firm's authorities and any conditions regarding the use of authorities, all transactions entered into, details of procedures and authorities for giving and receiving of instructions under authorities, and important client documents held by the firm | Maintain current full details | Not specified |
- 01/11/2007
CASS Sch 2
Notification requirements
- 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