UCITS investment firm

a firm which:20

1. (1) is the operator of a UCITS scheme (whether or not it is also the operator of other schemes); and20
2. (2) has a Part IV permission to manage investments where:20
   1. (a) the investments managed include one or more of the instruments listed in Section C of Annex 1 to MiFID; and20
   2. (b)the permission extends to activities permitted by article 5(3) of the UCITS Directive as well as those permitted by article 5(2). 20