On 28 August, the FSA published Consultation Paper CP12/10, “Review of the client money rules for insurance intermediaries”. The Consultation Paper is aimed at all insurance intermediaries to which CASS 5 applies.  It attempts to address a number of concerns which arose during the FSA’s review of CASS 5, including: inappropriate controls around the use […]

Introduction Feedback Statement 12/1 (“FS 12/1”), published by the FSA in May 2012, provides detailed guidance to firms which are subject to the UK’s recovery and resolution planning rules.  In general, FS 12/1 is a superb roadmap document, assisting firms through the detailed data requirements which form the core of recovery and resolution planning.  Unfortunately, […]

On 25 July 2012, the FSA published consultation paper CP 12/15 on “Client Assets Firm Classification, Oversight, Reporting and the Mandate Rules”.  CP 12/15 is open for comment until 30 September 2012, and consults on possible changes in the following areas: CASS firm classification and operational oversight: clarifying that firms which only arrange safeguarding and […]

On 13 July 2012, DRS, together with SNR Denton, will be presenting a half-day workshop on the law and practice relating to Living Wills at the British Bankers’ Association headquarters in London.  The latest regulatory guidance on RRP will be discussed, including: The FSB’s “Key Attributes of Effective Resolution Regimes for Financial Institutions” Discussion Paper; […]

If you have an interest in Cass Resolution Packs and missed the Webinar which took place on 21 June with Derivsource, a video of the presentation is now online and available here. The presentation provides a brief background to CASS RP and summarises the law in this area before explaining in detail the practicalities and challenges of […]

Introduction Any UK firm which is subject to CASS 6 (custody rules) and/or CASS 7 (client money rules) is obliged to have a CASS Resolution Pack in place by 1 October 2012. CASS Resolution Packs form part of the FSA’s wider review of the client assets regime in the UK and represent the point where […]

Below is a link to an FT article published this morning which discusses the progress being made by authorities in the UK and the US on the drafting of resolution plans for seven of the twenty-nine G-SIFIs, including Goldman Sachs, JP Morgan and Barclays. Of more interest is the fact that the UK and US […]

Introduction On 10 May 2012, the FSA published Feedback Statement FS12/1 on Recovery and Resolution Plans.  The main purpose of FS12/1 is to provide an update to the market on the current state of the RRP process. Proposed Date of Final RRP Rules A Policy Statement with final RRP rules will be published by the […]

Introduction Following the collapse of Lehman Brother and MF Global, the safety and security of client assets is a stated priority for the FSA.  On 26 March 2012, in furtherance of this agenda and as an “initial step in a wider review of the client assets distribution regime”, the FSA published Policy Statement PS 12/6, […]