CASS 7 asset management firm
- (a) a firm that was a member of IMRO immediately before commencement;
- (b) a firm for which the most substantial part of its gross income (including commissions) from its MiFID business or designated investment business that is not MiFID business, or both, is derived from one or more of the following activities:
- (i) managing investments other than derivatives;
- (ii) OPS activity;
- (iv) managing an AIF;
- (v) acting as the ACD or depositary of an ICVC;
- (vi) acting as the authorised contractual scheme manager or depositary of an ACS;
- (ix) establishing, operating or winding up a collective investment scheme (other than an AUT; ICVC or ACS);
- (xii) the provision of platform services;
- (c) a firm for which the most substantial part of its gross income is derived from its safeguarding and administering investments activities.
166a firm subject to the client money rules and which falls within either (a) or (b), or both, but not (c):