COMP 6.2 Who is a relevant person?
A relevant person is a person who was, at the time the act or omission giving rise to the claim against it took place:
- (1)
a participant firm; or
- (2)
an appointed representative of a participant firm.
- (1)
An incoming EEA firm, which is a credit institution, an IMD insurance intermediary,7 a MiFID investment firm or an MCD mortgage credit intermediary7, and its appointed representatives are not relevant persons in relation to the firms's passported activities, unless it has top-up cover7 (See definition of "participant firm").5
- (2)
An EEA UCITS management company providing collective portfolio management services for a UCITS scheme from a branch in the United Kingdom or under the freedom to provide cross border services, is a relevant person to the extent that it carries on those services.5
- (3)
An EEA UCITS management company carrying on the activities of managing investments (other than collective portfolio management), advising on investments or safeguarding and administering investments, is not a relevant person in relation to those activities, unless it has top-up cover.5
- (4)
An incoming EEA AIFM managing an authorised AIF from a branch in the UK or under the freedom to provide cross-border services, is a relevant person in respect of that activity.6
- (5)
An incoming EEA AIFM managing an unauthorised AIF is not a relevant person in respect of that activity unless it has top-up cover.6
- (6)
An incoming EEA AIFM providing the services in article 6(4) of AIFMD is not a relevant person in relation to those activities, unless it has top-up cover.6