Compliance & Regulation: CASS Chapter 1 Who It Applies To - Articles 1.2.2

Client Assets – Application & Purpose

Reference: CASS 1

Key (refer to the Reader’s Guide on the FCA homepage under the tab Guides for further details:

R = General rules, specialised rules, listing rules and rules made under other powers. Rules are binding and may be subject to enforcement and subsequent damages for non-compliance.

G = Guidance. It is not binding and need not be followed to achieve compliance with the rules.

This post is based on rules and not guidance.

The intent of the first chapter is to define to whom, for which activities and within which territorial limits the rules apply. Who, what and where?

The rules apply to both regulated and unregulated activities unless defined otherwise within the rules. The assumption here is that it automatically applies to all regulated activities unless specifically excluded and unregulated activities if specifically mentioned.

It is therefore prudent to assume that you are bound by the rules unless you find an exception or have clarified that your unregulated activity is not specifically bound by the rules. (R 1.2.2).

CASS applies to every firm except those indicated by the diagram below: