Related provisions for CASS 7.16.23

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

SUP 3.10.4RRP
An auditor of a firm must submit a client assets 5report addressed to the FCA which: 5(1) 5(a) states the matters set out in SUP 3.10.5 R; and55(b) specifies the matters to which SUP 3.10.9 R and SUP 3.10.9A R refer; or (2) if the firm claims not to hold client money or custody assets, states whether anything has come to the auditor's attention that causes him to believe that the firm held client money or custody assets during the period covered by the report.
SUP 3.10.5RRP

Client assets report

111

Whether in the auditor's opinion

(1)

the firm has maintained systems adequate to enable it to comply with the custody rules, the collateral rules,5 the client money rules3 (except CASS 5.2)13, the debt management client money rules9 and the mandate rules5 throughout the period ;5

353

(2)

the firm was in compliance with the custody rules, the collateral rules,5 the client money rules3 (except CASS 5.2), the debt management client money rules9 and the mandate rules5,13 at the date as at which the report has been made;

353

(3)

in the case of an investment management firm, personal investment firm, a UCITS firm,2securities and futures firm, firm acting as trustee or depositary of an AIF, firm acting as trustee or depositary of a UCITS7 or IFPRU investment firm8or BIPRU firm8,2 when a subsidiary of the firm is during the period 5a nominee company in whose name custody assets of the firm are registered during the period, 5 that nominee company has maintained throughout the period5 systems for the custody, identification and control of custody assets which:

2285

(a)

were5 adequate; and

5

(b)

included5 reconciliations at appropriate intervals between the records maintained (whether by the firm or the nominee company) and statements or confirmations from custodians or from the person who maintained5 the record of legal entitlement; and

55

(4)

if there has been a secondary pooling event during the period, the firm has 1complied with the rules in943CASS 5.6 and CASS 7A43 (Client money distribution)1and CASS 11.13 (debt management client money distribution rules)9 in relation to that pooling event.

3
IFPRU 1.1.9RRP
An IFPRU 125K firm means an IFPRU investment firm that satisfies the following conditions:(1) it does not:(a) deal on own account; or (b) underwrite issues of financial instruments (as referred to in Section A of Annex I of MiFID) on a firm commitment basis;(2) it holds clients' money or securities for investment services it provides or is authorised to do so;(3) it offers one or more of the following services (all as referred to in Section A of Annex I of MiFID):(a) reception
IFPRU 1.1.10RRP
An IFPRU 50K firm is a IFPRU investment firm that satisfies the following conditions:(1) the conditions in IFPRU 1.1.9 R(1) and (3);(2) it does not hold clients' money or securities for investment services it provides and is not authorised to do so;(3) it is not a collective portfolio management investment firm; and(4) it does not operate a multilateral trading facility.[Note: article 29(3) of CRD]
COND 2.4.4GRP
(1) [deleted]88(2) Relevant matters to which the FCA may have regard when assessing whether a firm will satisfy, and continue to satisfy, this threshold condition8may include but are not limited to:(a) (in relation to a firm other than a firm carrying on, or seeking to carry on, a PRA-regulated activity),8 whether there are any indications that the firm may have difficulties if the application is granted, at the time of the grant or in the future, in complying with any of the
MIPRU 4.1.15GRP
Capital has an important role to play in protecting consumers and complements the roles played by professional indemnity insurance and client money protection (see the client money rules). Capital provides a form of protection for situations not covered by a firm's professional indemnity insurance and it provides the funds for the firm's PII excess, which it has to pay out of its own finances (see MIPRU 3.2.11 R and MIPRU 3.2.12 R for the relationship between the firm's capital
SUP 10C.8.4RRP
(1) A person performs the EEA branch senior manager function in relation to the branch in the United Kingdom of an EEA relevant authorised person if that person has significant responsibility for one or more significant business units of the branch that carry on any of the activities listed in (2).(2) The activities listed in this paragraph are:(a) designated investment business other than dealing in investments as principal, disregarding article 15 of the Regulated Activities
CASS 9.5.8GRP
Consistent with the fair, clear and not misleading rule, a firm should ensure that, in any statements of custody assets and/or client money it provides to its clients, it is clear from the statement which assets and/or monies the firm reports as holding for the client are, or are not, protected under CASS 6 and/or CASS 7 (e.g. if the statement also includes information regarding assets and/or monies which are held by the firm for that client which are not subject to the custody
CASS 6.3.9RRP
5CASS 6.3.6 R does not permit a firm to agree to a third party having any recourse or right against client money in a client bank account or standing to the credit of a client transaction account of the kind referred to in:77(1) paragraph (d) of CASS 7 Annex 2R; or7(2) paragraph (e) of CASS 7 Annex 3R; or7(3) paragraph (e) of CASS 7 Annex 4R.7
CASS 7.14.5GRP
(1) Money arising from, or in connection with, the holding of a safe custody assets by a firm which is due to clients should, unless treated otherwise under the client money rules, be treated as client money by the firm. (2) Firms are reminded of the guidance in CASS 6.1.2 G.
CONC 1.1.3GRP
Firms are reminded that other parts of the FCA Handbook and PRA Handbook also apply to credit-related regulated activities. For example, the arrangements for supervising firms, including applicable reporting obligations, are described in the Supervision manual (SUP) and the detailed requirements for handling complaints are set out in the Dispute Resolution: Complaints sourcebook (DISP). The Client Assets sourcebook (CASS) also contains rules about client money that apply in certain
CASS 5.3.3GRP
(1) A firm which holds client money can discharge its obligation to ensure adequate protection for its clients in respect of such money by complying with CASS 5.3 which provides for such money to be held by the firm on the terms of a trust imposed by the rules.(2) The trust imposed by CASS 5.3 is limited to a trust in respect of client money which a firm receives and holds. The consequential and supplementary requirements in CASS 5.5 are designed to secure the proper segregation
GEN 2.2.25GRP
An example of a rule20 being interpreted as cut back by GEN 2.2.23R is SYSC 6.1.1R, which requires a firm to maintain adequate policies and procedures to ensure compliance with its obligations under the regulatory system; SYSC 6.1.1R should be interpreted as applied by the FCA in respect of a PRA-authorised person’s compliance with regulatory obligations that are the responsibility of the FCA (for example, in respect of a bank maintaining policies and procedures to ensure compliance
CASS 5.8.3RRP
(1) A firm which has in its possession or control documents evidencing a client's title to a contract of insurance or other similar documents (other than documents of no value) or which takes into its possession or control tangible assets belonging to a client, must take reasonable steps to ensure that any such documents or items of property:(a) are kept safe until they are delivered to the client;(b) are not delivered or given to any other person except in accordance with instructions
CASS 1.4.15GRP
(1) 6The debt management client money chapter applies to CASS debt management firms receiving or holding client money.(2) The mandate rules apply, where relevant, to CASS debt management firms carrying on debt management activity.
CASS 11.10.7GRP
Putting a client into the position he would have been in had the delay not occurred under CASS 11.10.6 R should include paying to the client a sum equivalent to the amount of any additional interest which would not have accrued but for the delay and any default charges that have been applied to the account as a result of the delay.
EG 8.4.4RP
1Examples of requirements that the FCA may consider imposing when exercising its own-initiative power in support of its enforcement function are: a requirement not to take on new business; a requirement not to hold or control client money; a requirement not to trade in certain categories of specified investment; a requirement that prohibits the disposal of, or other dealing with, any of the firm’s assets (whether in the United Kingdom or elsewhere) or restricts
FEES 5.8.3GRP

1The table below sets out the period within which a firm's tariff base is calculated (the data period) for second year levies calculated under FEES 5.8.2R. The example is based on a firm that acquires permission on 1 November 20146and has a financial year ending 31 March. Where valuation dates fall before the firm receives permission it should use projected valuations in calculating its levies.

References in this table to dates or months are references to the latest one occurring before the start of the FCA's financial year unless otherwise stated.

6

Type of permission acquired on 1 November

Tariff base

Valuation date but for FEES 5.8.2R

Data period under FEES 5.8.2R

Insurers - general

Relevant annual gross premium income and gross technical liabilities6

31 March 20146- so projected valuations will be used

6

1 November to 31 December 20146.

6

Portfolio managers (including those holding client money/ assets and not holding client money/ assets)

6

Relevant funds under management

Valued at 31 December

Valued at 31 December

Advisers,6arrangers, dealers or brokers holding and controlling client money and/or assets

6

Annual income as defined in FEES 4 Annex 11A6

6

31 December. 6

This is because the firm's tariff base is calculated by reference to the firm's financial year end in the calendar year before the start of the FCAfee year. Therefore FEES 5.8.2R (3)(c) applies. 6

6

1 November to 31 December but annualised in accordance with FEES 5.8.2R (3)(c)(iii)6

6

7[Note: Transitional provisions apply to FEES 5.8.1R, FEES 5.8.2R and FEES 5.8.3G – see FEES TP 13]

CASS 10.2.1RRP
A firm must include within its CASS resolution pack:(1) a master document containing information sufficient to retrieve each document in the firm'sCASS resolution pack;(2) a document which identifies the institutions the firm has appointed (including through an appointed representative, tied agent, field representative or other agent):(a) in the case of client money, for the placement of money in accordance with CASS 7.13.3 R1 or to hold client money in accordance with CASS 7.14.2
SUP 10A.9.9RRP
The significant management function is the function of acting as a senior manager with significant responsibility for a significant business unit that:(1) carries on designated investment business or other activities not falling within (2) to (4);(2) effects contracts of insurance (other than contractually based investments);(2A) carries on credit-related regulated activity;1(3) makes material decisions on the commitment of a firm's financial resources, its financial commitments,