COMP 5.5 Protected investment business

Protected investment business is:

1. (1)

   designated investment business carried on by the relevant person with, or for the benefit of, the claimant (so long as that claimant has a claim), or as agent on the claimant's behalf;2

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2. (2)

   the activities of the manager or trustee of an AUT, provided that the claim is made by a holder;

3. (3)

   the activities of the ACD or depositary of an ICVC, provided that the claim is made by a holder;

4. (4)

   the activities of the authorised contractual scheme manager or depositary of an ACS, provided that the claim is made by a holder;6

provided that the condition in COMP 5.5.2 R is satisfied.

COMP 5.5.1 R only applies if the protected investment business was carried on from:

1. (1)

   an establishment of the relevant person in the United Kingdom; or

2. (2)

   a branch of a UK firm which is:

   1. (a)

      a MiFID investment firm established in another EEA State; or

   2. (b)

      a UCITS management company established in another EEA State (but only in relation to managing investments (other than advising on investments or safeguarding and administering investments);

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3. and the claim is an ICD claim; or

4. (3)

   both (1) and (2); or5

5. (4)
   1. (a)

      5a UK branch of an EEA UCITS management company; or

   2. (b)

      an establishment of such an EEA UCITS management company in its Home State from which cross border services are being carried on;

   and in either case the management company is providing collective portfolio management services for a UCITS scheme but only if the claim relates to that activity.7

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