FSA has fed back on the responses to the first part of its consultation “Client assets regime: EMIR, multiple pools and the wider review” and made rules that ensure the porting of positions and margin, as required by EMIR, will be achievable in case of a clearing member’s default. Respondents asked for clarification on a number of FSA’s suggestions, but FSA has now made rules amending the Glossary and Chapter 7 of the Client Assets Sourcebook (CASS) from 1 January. It says it believes firms will need to make minimal operational changes to comply with the new rules. It plans to designate the rules to the Financial Conduct Authority (FCA). (Source: PS 12/23 – Client Assets Regime: Changes Following EMIR)