CASS 1A.3 Responsibility for CASS operational oversight

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

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.

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.

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.