Client money and assets

Find out how to follow our client assets rules, including sending us a return about your client assets.

You must follow rules set out in the Client Assets Sourcebook (CASS) whenever you hold or control client money or safe custody assets as part of your business.

This is to keep client money and assets safe if firms fail and exit the market.

To reduce the risk of financial loss, you should:

  • identify risks;
  • assess risks;
  • mitigate (reduce) risks.

Firms holding or controlling client assets must report the value of their assets. This includes:

  • brokers;
  • investment banks;
  • custodians.

CASS classification

Your CASS firm type (small, medium or large) is based on the size of your client money and/or custody asset holdings.

Your firm must make an annual notification about the money and assets you hold to identify if you are small, medium or large. This will enable you to see what your firm’s classification will be.

CASS firm typeHighest total amount of client money held in the firm’s last calendar year or that you project it will hold during the current calendar yearHighest total value of safe custody assets held in the firm’s last calendar year or that you project it will hold during the current calendar year
CASS large firmmore than €1 billionmore than €100 billion
CASS medium firman amount equal to or greater than €1 million and less than or equal to €1 billionan amount equal to or greater than €10 million and less than or equal to €100 billion
CASS small firmless than €1 millionless than €10 million

What CASS medium or large firms must do

If your firm is or becomes a CASS medium or large firm holding client money equal to or over €1 million and/or assets equal to or over €10m, you must:

  • complete a CMAR;
  • make a director or senior manager responsible for CASS.
Complete a monthly Client Money and Asset Return (CMAR)

You must complete a CMAR via Gabriel every month.
This gives us an overview of your client money and safe custody assets.

Loan-based crowdfunding firms

If your firm operates in loan-based crowdfunding, you may need to follow certain CASS rules. See the summary of rules for loan-based crowdfunding platforms for more information.