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    2024-01-31

CASS 14.3 Temporary Permission Client Assets Return

CASS 14.3.1R
  1. (1)

    1A TP firm must submit a completed TPCAR to the FCA by email for each reporting period specified in CASS 14.3.3R.

  2. (2)

    The TP firm must submit the TPCAR to the FCA by the deadline specified in CASS 14.3.4R.

  3. (3)

    A TPCAR must be completed using the template specified at CASS 14 Annex 1R.

CASS 14.3.2G

1Guidance notes on completing a TPCAR are available at CASS 14 Annex 2G.

CASS 14.3.3R

1The TPCAR reporting periods for the purposes of CASS 14.3.1R are:

  1. (1)

    for TP firms to which either or both of CASS 6 and CASS 7 applies as a result of GEN 2.2.26R, either:

    1. (a)

      for CASS small TP firms, the initial twelve-month period 1 January 2021 to 31 December 20213, and each subsequent 12-month period; or

    2. (b)

      for CASS medium TP firms and CASS large TP firms, the initial one-month period from 1 January 2021 to 31 January 20213, and each subsequent one-month period; and

  2. (2)

    for TP firms to whom as a result of GEN 2.2.26R, CASS 5 applies:

    1. (a)

      if the TP firm’s annual revenue from its business to which CASS 5 applies as a result of GEN 2.2.26R is £5 million or less:

      1. (i)

        the shorter of:

        1. (A)

          the initial period from 1 January 20213 to the firm’s accounting reference date, and

        2. (B)

          the initial period from 1 January 20213 to the last day of the six-month period after the firm’s accounting reference date; and

      2. (ii)

        each six-month period subsequent to the shorter of those initial periods; or

    2. (b)

      if the TP firm’s annual revenue from its business to which CASS 5 applies as a result of GEN 2.2.26R exceeds £5 million:

      1. (i)

        the shorter of:

        1. (A)

          the initial period from 1 January 20213 to the firm’s accounting reference date, and

        2. (B)

          the initial period from 1 January 20213 to the last day of the three-month period after the firm’s accounting reference date; and

      2. (ii)

        each three-month period subsequent to the shorter of those initial periods.

CASS 14.3.4R

1The TPCAR submission deadlines for the purposes of CASS 14.3.1R are:

  1. (1)

    for TP firms to which either or both of CASS 6 and CASS 7 applies as a result of GEN 2.2.26R, either:

    1. (a)

      for CASS small TP firms the 15th business day of the month that follows the reporting period specified in CASS 14.3.3R(1)(a)4; or

    2. (b)

      for CASS medium TP firms and CASS large TP firms, the 15th business day of the month that follows the reporting period specified in CASS 14.3.3R(1)(b)4; and

  2. (2)

    for TP firms to which CASS 5 applies as a result of GEN 2.2.26R, the 30th business day after the relevant reporting period specified in CASS 14.3.3R(2)4.

CASS 14.3.5G
  1. (1)

    1If both CASS 14.3.3R(1) and (2) apply to a TP firm, then it should submit a completed TPCAR to the FCA to cover each reporting period that applies to it, by the relevant submission deadline in CASS 14.3.4R(1) and (2).

  2. (2)

    In those cases:

    1. (a)

      a TP firm should only complete Part 1 and Part 2 of any TPCAR that is for a reporting period specified under CASS 14.3.3R(1); and

    2. (b)

      it should only complete Part 1 and Part 3 of any TPCAR that is for a reporting period specified under CASS 14.3.3R(2).

Election to use the CMAR for TP firms that had a Part 4A permission before IP completion day

CASS 14.3.6R
  1. (1)

    1This rule applies to a TP firm to which SUP 16.14.3R (Client money and asset return) applies as a result of GEN 2.2.26R(1), on the basis that it has classified itself as a CASS large firm or a CASS medium firm for the purposes of CASS 1A.

  2. (2)

    A TP firm may comply with SUP 16.14.3R instead of CASS 14.3.1R provided that it has notified the FCA in advance and by email that it has elected to do so.

  3. (3)

    A TP firm that makes the election under this rule must, when completing data field 8 of the CMAR:

    1. (a)

      use a separate row to distinguish between types of business activity or services which are carried on in reliance of the firm’s temporary permission and types which are not; and

    2. (b)

      clearly indicate which rows relate to a business activity or service which is carried on in reliance of the firm’s temporary permission.

CASS 14.3.7G
  1. (1)

    1See GEN 2.2.37G(3) for an explanation of the effect of GEN 2.2.26R(1) and CASS 14.1.5G.

  2. (2)

    CASS 14.3.6R may be relevant to a TP firm that had a Part 4A permission immediately before IP completion day2 for acting as trustee or depositary of an AIF or acting as trustee or depositary of a UCITS and continues to hold that permission.

  3. (3)

    In complying with CASS 14.3.6R(3):

    1. (a)

      a TP firm should observe the guidance at SUP 16 Annex 29AG (Guidance notes for the data item in SUP 16 Annex 29R) in relation to data field 8 of the CMAR and, therefore, distinguish between each different type of business activity or service which it carries on in reliance its temporary permission, as well as between each type which it carries on under its Part 4A permission;

    2. (b)

      a TP firm could, for example, annotate each row which relates to a business activity or service which is carried on in reliance of the firm’s temporary permission by including the letters “TP” in data field 8A; and

    3. (c)

      if a TP firm follows sub-paragraph (b), the overall effect may be that data field 8 includes a number of rows that are prefaced with “TP” (for example, “TP CFD business” and “TP share custody business”) and a number of rows that are not (for example, “AIF depositary business” and “UCITS depositary business”).