1: The fraction is 6/52 where:
(c) the firm is an investment manager (including the operator of an unregulated collective investment scheme in relation to which the firm carries on the activity of an investment manager), unless paragraph 2 applies.
(a) itself holds customers' monies or assets; or
(b) procures the appointment as custodian of its customers' monies or assets of an associate of the firm which is not an approved bank.
[Note: Paragraph 1(a) above includes a firm which acts as an authorised unit trust manager and, in addition, is both or either:
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