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Email On 1 March 2011, a series of amendments to the FSA’s Client Assets Sourcebook (“CASS”) come into force that will require the repapering of relationships between prime brokers and their fund customers as well as a review of any liens granted in custody agreements. These amendments are set out in FSA Policy Statement 10/16 which also contains new rules to: (i) limit deposits of client monies with other group entities to a maximum of 20% (comes into force on 1 June 2011); (ii) require firms to make a Client Money and Asset Return (“CMAR”) (comes into force on 1 June 2011 ); and (iii) establish a CASS oversight controlled function (comes into force on 1 October 2011). https://www.cadwalader.com/resources/clients-friends-memos/changes-to-the-rules-on-client-assets-implications-for-prime-brokers-and-funds