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Status: You are viewing the version of the handbook as on 2011-04-29.

CASS 1A.3 Responsibility for CASS operational oversight

CASS 1A.3.1RRP

A firm must allocate to a director performing a significant influence function or a senior manager performing a significant influence function responsibility for:

  1. (1)

    oversight of the firm’s operational compliance with CASS;

  2. (2)

    reporting to the firm’s governing body in respect of that oversight; and

  3. (3)

    completing and submitting a CMAR to the FSA in accordance with SUP 16.14.

CASS 1A.3.2R

A CASS large firm and a CASS medium firm must not later than 31 January 2011 notify the FSA in writing of the identity of the person to whom responsibility has been allocated in accordance with CASS 1A.3.1 R or, where CASS 1A.2.8R (3) applies, before the date on which that firm begins to hold client money or safe custody assets.

CASS 1A.3.3RRP
  1. (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.

  2. (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. (3)

    A firm must ensure that the record made under this rule is retained for a period of five years after it is made.