Related provisions for CASS 7A.3.15
Client assets report
Whether in the auditor's opinion |
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(1) |
the firm has maintained systems adequate to enable it to comply with the custody rules (except CASS 6.7)13, 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 |
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(2) |
the firm was in compliance with the custody rules (except CASS 6.7)13, 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 |
1
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(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, 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: 22785 |
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(a) |
were5 adequate; and 5 |
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(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 |
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(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 |
1
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.
6Type 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]
Table of FEES 4 rules that correspond to FEES 7 rules
FEES 4 rules |
Corresponding FEES 7 rules |
Part 1 of 6FEES 4 Annex 2A6 |
Part 1 of FEES 7 Annex 11 |
1Part 2 of FEES 4 Annex 11 |
Part 1 of FEES 7 Annex 1 |
1Part 5 of FEES 4 Annex 11 |
Part 1 of FEES 7 Annex 1 |