Content Options:

Add to favourites

View Options:

More Resources:

External link Handbook Publications

You are viewing the version of the document as on 2024-11-25.

securities and futures firm

  1. 121
    1. a firm whose permitted activities include designated investment business180or bidding in emissions auctions200, which is not an authorised professional firm, bank, MIFIDPRU investment firm,206 building society, collective portfolio management firm, credit union, friendly society, ICVC, insurer, media firm or180 service company, 180whose permission does not include a requirement that it comply with IPRU(INV) 5 (Investment management firms) or 13 (Personal investment firms), and which is within (a), (b), (c), (d), (e) , (f), (g) or (ga)180:
      1. (a) a firm (other than one falling within (d)):
        1. (i) which was a member of SFA immediately before commencement; and
        2. (ii) which was not, immediately before commencement, subject to the financial supervision requirements of the FSA (under section 43 of the Financial Services Act 1986), or PIA or IMRO (under lead regulation arrangements);
      2. (b) a firm whose permission includes a requirement that it comply with IPRU(INV) 3 (Securities and futures firms);
      3. (c) a firm:
        1. (i) which was given a Part 4A permission after commencement, or which was authorised under section 25 of the Financial Services Act 1986 immediately before commencement and not a member of IMRO, PIA or SFA; and
        2. (ii) for which the most substantial part of its gross income (including commissions) from the designated investment business included in its Part 4A permission is derived from one or more of the following activities (based, for a firm given a Part 4A permission after commencement, on the business plan submitted as part of the firm's application for permission or, for a firm authorised under section 25 of the Financial Services Act 1986, on the firm's financial year preceding its authorisation under the Act):
        3. (A) an activity carried on as a member of an exchange;
        4. (B) making a market in securities or derivatives;
        5. (C) corporate finance business;
        6. (D) dealing (excluding, in the case of a home finance provider, dealing as principal in contractually based investments where this activity is carried out for risk management purposes and would have been excluded under article 16 of the Regulated Activities Order if the firm were an unauthorised person or under article 19 of the Regulated Activities Order), arranging (bringing about) deals in investments or making arrangements with a view to transactions in investments, in securities or derivatives;
        7. (E) the provision of clearing services as a clearing firm;
        8. (F) managing investments, where those investments are primarily derivatives;
        9. (G) activities relating to spread bets;
      4. (d) a firm that is:
        1. (i) an ex-section 43 firm which was not authorised under the Financial Services Act 1986 immediately before commencement; or
        2. (ii) an ex-section 43 lead regulated firm;
      5. (e) an energy market participant;
      6. (f) an oil market participant;
      7. (g) [deleted]206
      8. (ga) [deleted]206
      9. (h) a firm to which paragraph 1(k) of Schedule 3 to the Regulated Activities Order applies, whose permitted activities include bidding in emissions auctions.200180161