service company
a firm whose only permitted activities are making arrangements with a view to transactions in investments, and agreeing to carry on that regulated activity, and whose Part IV permission :
- (a) incorporates a limitation substantially to the effect that the firm carry on regulated activities only with market counterparties or intermediate customers
- (b) includes requirements substantially to the effect that the firm must not:
- (i) guarantee, or otherwise accept responsibility for, the performance, by a participant in arrangements made by the firm in carrying on regulated activities, of obligations undertaken by that participant in connection with those arrangements; or
- (ii) approve any financial promotion on behalf of any other person or any specified class of persons; or
- (iii) in carrying on its regulated activities, provide services otherwise than in accordance with documents (of a kind specified in the requirement) provided by the firm to the FSA. 2 13