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    2023-01-01

CASS 14.1 General application

Who?

CASS 14.1.1R

1This chapter only applies to a TP firm that has not failed.

What?

CASS 14.1.2R

1Unless otherwise stated, the rules in CASS 14 apply:

  1. (1)

    in relation to:

    1. (a)

      a TP firm’s activities to which CASS 7 applies as a result of GEN 2.2.26R, but subject to CASS 14.1.3R; and

    2. (b)

      a TP firm’s activities to which CASS 5 or CASS 6 applies as a result of GEN 2.2.26R; and

  2. (2)

    where those activities are carried on in reliance on the TP firm’s temporary permission.

CASS 14.1.3R

1CASS 14 does not apply in relation to a TP firm’s activities to which CASS 7 applies if, during the period for which it is has a temporary permission, the TP firm does not hold any client money for the purposes of the rules in CASS 7 that apply as a result of GEN 2.2.26R.

CASS 14.1.4G

1CASS 14.1.3R may, for example, be relevant to a TP firm that can apply the exclusion from the definition of client money at CASS 7.10.16R(1) (credit institutions) or at CASS 7.11.1R(4) (title transfer collateral arrangements) throughout the period.

CASS 14.1.5G
  1. (1)

    1CASS 14 does not apply in relation to a TP firm’s activities which are carried on other than in reliance on its temporary permission. It only applies in relation to the part of its Part 4A permission that the TP firm is treated as having under regulation 8, 11, 28 or 34 of the EU Exit Passport Regulations.

  2. (2)

    For example, where a TP firm had Part 4A permission immediately before IP completion day2 to act as trustee or depositary of an AIF or to act as trustee or depositary of a UCITS, and continues to hold that permission, the rules applying to activities under that part of its Part 4A permission are not affected by its temporary permission because of GEN 2.2.26R(1) (see also the guidance at GEN 2.2.37G(3)). In relation to those activities, it should continue to comply with the applicable rules in CASS. It may also consider making the election at CASS 14.3.6R in relation to its activities that are carried on in reliance on the TP firm’s temporary permission.

Where?

CASS 14.1.6R

1The rules in CASS 14 apply in relation to a TP firm’s activities described at CASS 14.1.2R wherever they are carried on.

CASS 14.1.7G

1CASS 14.1.6R means that the rules in CASS 14 apply both to activities carried on from a UK branch and activities carried on other than from a UK branch into the UK.