FCA client assets regime
FCA client assets regime

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • FCA client assets regime
  • Impact of Brexit on CASS and the FCA’s powers and requirements
  • FCA temporary transitional powers and CASS
  • Impact of FCA temporary permissions and financial services contracts regimes on CASS
  • What does the FCA’s client assets regime cover?
  • General applicability of CASS
  • Application of CASS firm classification and operational oversight requirements
  • Firm classification
  • Operational oversight
  • Reporting
  • More...

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Impact of Brexit on CASS and the FCA’s powers and requirements

Following the FCA’s decision to leave the EU, the UK government ‘onshored’ and preserved most EU and EU-derived law as it stood immediately before the UK’s departure. ‘Onshoring’ is the process of amending legislation and regulatory requirements so that they work in a UK-only context, including EU legislation that form part of UK law by virtue of the European Union (Withdrawal) Act 2018 (EU(W)A 2018).

The  EU(W)A 2018, as amended by the European Union (Withdrawal Agreement) Act 2020, makes provision for the ratification and implementation in domestic law of the Withdrawal Agreement between the UK and the EU. The Withdrawal Agreement sets out the arrangements for the UK’s withdrawal from the EU. It includes a transition period (or, to use the UK government’s phraseology, an ‘implementation period’) beginning on 31 January 2020 and ending on 31 December 2020 (IP completion day). During the implementation period, the

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