Alerts

New FSA Policy on Prime Brokerage Client Assets

November 9, 2010

The UK’s regulator, the Financial Services Authority (“FSA”), has recently published its latest policy statement on enhancing the client asset rules in the Client Assets sourcebook (“CASS”). The changes being implemented are, in part, the FSA’s response to issues highlighted by the global financial crisis and a number of insolvency appointments, most notably those relating to the insolvency of Lehman Brothers International (Europe) (“LBIE”).