designated investment business

any of the following activities, specified in Part II of the Regulated Activities Order (Specified Activities), which is carried on by way of business:

1. (a) dealing in investments as principal (article 14), but disregarding the exclusion in article 15 (Absence of holding out etc);
2. (b) dealing in investments as agent (article 21) but only in relation to designated investments (other than P2P agreements)92;
3. (ba) MiFID business bidding (part of bidding in emissions auctions) (article 24A);
4. (c) arranging (bringing about) deals in investments (article 25(1)), but only in relation to designated investments (other than P2P agreements)92;
5. (d) making arrangements with a view to transactions in investments (article 25(2)), but only in relation to designated investments (other than P2P agreements)92;
6. (da) operating a multilateral trading facility (article 25D);
7. 88(db) operating an electronic system in relation to lending (article 36H) but only 92insofar as it relates to a lender or prospective lender under a P2P agreement92;
8. (e) managing investments (article 37), but only if the assets consist of or include (or may consist of or include) designated investments (other than P2P agreements)92;
9. (ea) assisting in the administration and performance of a contract of insurance, but only if the contract of insurance is a designated investment.
10. (f) safeguarding and administering investments (article 40), but only if the assets consist of or include (or may consist of or include) designated investments(other than P2P agreements)92; for the purposes of the permission regime, this is sub-divided into:
    1. (i) safeguarding and administration of assets (without arranging);
    2. (ii) arranging safeguarding and administration of assets;
11. (g) sending dematerialised instructions (article 45(1));
12. (h) causing dematerialised instructions to be sent (article 45(2));
13. (l) establishing, operating or winding up a stakeholder pension scheme (article 52(a))
14. (la) establishing, operating or winding up a personal pension scheme (article 52(b));
15. (lb) providing basic advice on a stakeholder product (article 52B);
16. (m) advising on investments (article 53), but only in relation to designated investments (other than P2P agreements)92; for the purposes of the permission regime, this includes:97
    1. (i) advising on investments (except pension transfers and pension opt-outs);
    2. (ii) advising on investments in respect of pensions transfers and pension opt-outs;97
17. (ma) advising on conversion or transfer of pension benefits (article 53E);97
18. (n) agreeing to carry on a regulated activity in (a) to (h) and (m) (article 64).
19. (o) [deleted]
20. (p) managing a UCITS;
21. (q) acting as trustee or depositary of a UCITS;
22. (r) managing an AIF;
23. (s) acting as trustee or depositary of an AIF;
24. (t) establishing, operating or winding up a collective investment scheme.