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CASS 1A.3 Responsibility for CASS operational oversight

CASS 1A.3.1RRP

A firm CASS small firm1 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; and2

  2. (2)

    reporting to the firm’s governing body in respect of that oversight.2

    2

1CF10a: the CASS operational oversight function

CASS 1A.3.1ARRP

1A CASS medium firm and a CASS large firm must allocate to a director or senior manager the function of:

  1. (1)

    oversight of the operational effectiveness of that firm’s systems and controls that are designed to achieve 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.3.1BGRP

1CASS 1A.3.1A R describes the controlled function known as the CASS operational oversight function. The table of controlled functions in SUP 10.4.5 R together with SUP 10.7.9 R specify the CASS operational oversight function as a required function for a firm to which CASS 1A.3.1A R applies.

CASS 1A.3.1CRRP

2If, at the time a firm becomes a CASS medium firm or a CASS large firm in accordance with CASS 1A.2.12 R (1) or CASS 1A.2.12 R (2), the firm is not able to comply with CASS 1A.3.1A R because it has no director or senior manager who is an approved person in respect of the CASS operational oversight function, the firm must:

  1. (1)

    take the necessary steps to ensure that it complies with CASS 1A.3.1A R as soon as practicable, which must at least include submitting an application for a candidate in respect of the CASS operational oversight function within 30 business days of the firm becoming a CASS medium firm or a CASS large firm; and

  2. (2)

    until such time as it is able to comply with CASS 1A.3.1A R, allocate to a director performing a significant influence function or a senior manager performing a significant influence function responsibility for:

    1. (a)

      oversight of the firm's operational compliance with CASS;

    2. (b)

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

    3. (c)

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

CASS 1A.3.2R

[deleted]1

1
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, CASS 1A.3.1A R or CASS 1A.3.1C R (2)2.1

  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.