The FSA is consulting (CP12/15) on changes in two areas of CASS: firm classification and oversight (CASS 1A) and mandates (CASS 8).
The changes to CASS 1A will include clarification on the CASS firm type effective date.
Identified technical issues will result in some minor changes to the CMAR.
The paper advises that the Regulator has identified a large degree of inconsistency in understanding among firms and their auditors on the scope of the mandate rules. The proposed changes to CASS 8 seek to clarify matters for all concerned – including what is, and is not, ‘a mandate’.
The consultation period ends 30 September. The final rules are planned to come into force on 1 January 2013.
The proposed changes to CASS 1A and CASS 8, together with associated changes to other areas including CMAR, can be found in Appendix 1 of CP12/15.
Appendix 2 concerns the designation of the FSA Handbook provisions within this CP which will create a FCA Handbook and a PRA Handbook. As will be seen, the provisions of SUP 16 have not yet been designated.
