safeguarding and administering investments

127the regulated activity , specified in article 40 of the Regulated Activities Order (Safeguarding and administering investments), which is in summary: the safeguarding of assets belonging to another and the administration of those assets, or arranging for one or more other persons to carry on that activity, where:

1. (a) the assets consist of or include any security or contractually based investment (that is, any designated investment (other than a P2P agreement), funeral plan contract or right to or interest in a funeral plan contract); or
2. (b) the arrangements for their safeguarding and administration are such that the assets may consist of or include designated investments (other than P2P agreements), and either the assets have at any time since 1 June 1997 done so, or the arrangements have at any time (whether before or after that date) been held out as ones under which designated investments (other than P2P agreements) would be safeguarded and administered.