FSA: Consultation paper: Client assets sourcebook (CP11/15)
July 29, 2011
The purpose of the Consultation Paper (CP) is to seek views on the FSA's proposals to amend the Client Assets Sourcebook (CASS).
Following the financial crisis and, in particular, the collapse of Lehman Brothers International (Europe) (LBIE), the FSA have enhanced the client assets regime through previous proposals.
There are a number of proposals in the paper which to which the FSA seek a response. There are proposals on three different matters relating to the lien rules in CASS. These are:
- interim relief from the effect of the existing rules from 1October 2011 to 31 March 2012;
- changes in the rules to provide for the taking of certain liens or rights over omnibus clients accounts; and
changes in the rules in relation to liens or rights over assets held in overseas jurisdictions.