CF10A: Difference between revisions
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{{a|people|}}The [[CF10A]] is that poor, sainted soul who is responsible in your organisation for its compliance with the {{tag|FCA}}’s [[CASS]] [[client money]] and [[client asset]] rules. Such a person, if not of a naturally anxious or timid disposition, will rapidly become so upon realising the hellish job of managing this regulatory risk, and the potentially personal liability that attaches to any screw-ups. | {{a|people|{{image|CASS Garb|png|A [[CASS officer]]’s ceremonial Mithril garb.}}}}The [[CF10A]] is that poor, sainted soul at a “CASS large firm” (such as a [[custodian]] or [[prime broker]]) who is responsible<ref>Condemned, really.</ref> in your organisation for its [[CASS operational oversight function]] — compliance with the {{tag|FCA}}’s [[CASS]] [[client money]] and [[client asset]] rules. Such a person, if not of a naturally anxious or timid disposition, will rapidly become so upon realising the hellish job of managing this regulatory risk, and the potentially personal liability that attaches to any screw-ups. It’s an infectious kind of nervousness. You get to wear a cloak of [[mithril]], made ourt of [[client money]], but it doesn’t protect you if the FCA wants to take your house away because, through an entirely uncalled-for documentation audit, you have discovered that some clot in Poland forgot to do a [[prime brokerage disclosure annex]] in 2014, and you felt you had no choice but to report it. | ||
After the [[head of the documentation unit]], the [[CF10A]] is next-least coveted position in the organisation, and is awarded to people the same way Joe Pesci became a “made guy” in ''Goodfellas''. | After the [[head of the documentation unit]], the [[CF10A]] is next-least coveted position in the organisation, and is awarded to people the same way Joe Pesci became a “made guy” in ''Goodfellas''. | ||
{{sa}} | {{sa}} | ||
[[CASS Anatomy]] | [[CASS Anatomy]] | ||
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Latest revision as of 15:36, 23 September 2022
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People Anatomy™
A spotter’s guide to the men and women of finance.
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The CF10A is that poor, sainted soul at a “CASS large firm” (such as a custodian or prime broker) who is responsible[1] in your organisation for its CASS operational oversight function — compliance with the FCA’s CASS client money and client asset rules. Such a person, if not of a naturally anxious or timid disposition, will rapidly become so upon realising the hellish job of managing this regulatory risk, and the potentially personal liability that attaches to any screw-ups. It’s an infectious kind of nervousness. You get to wear a cloak of mithril, made ourt of client money, but it doesn’t protect you if the FCA wants to take your house away because, through an entirely uncalled-for documentation audit, you have discovered that some clot in Poland forgot to do a prime brokerage disclosure annex in 2014, and you felt you had no choice but to report it.
After the head of the documentation unit, the CF10A is next-least coveted position in the organisation, and is awarded to people the same way Joe Pesci became a “made guy” in Goodfellas.
See also
References
- ↑ Condemned, really.