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PERG 13 Annex 3 Annex 3

Flow chart 1 - Are you subject to the recast CAD?

PERG 13.003rev3

Flow chart 2 - CAD investment firms (excluding UCITS investment firms)

Are we a BIPRU 50K firm, a BIPRU 125k firm or aBIPRU 730K firm1

PERG-13_Annex3(2)_20130401

Note

It is possible, in principle, that a CAD investment firm may only provide the investment service of investment advice and hold client funds or securities, in which case the starting point is generally that it is a BIPRU 730K firm. In practice, if such a firm wishes to benefit from a lower capital treatment (for example euro 125,000), it may wish to add an arranging (bringing about) deals in investments element to its permission to enable it to receive and transmit orders in relation to MiFID instruments.