Content Options:

Add to favourites

View Options:

More Resources:

External link Handbook Publications

You are viewing the version of the document as on 2022-03-04.

investment management firm

  1. 126
    1. a firm whose permitted activities include designated investment business, which is not an authorised professional firm, bank, MIFIDPRU investment firm, 181 collective portfolio management firm, credit union, energy market participant, friendly society, ICVC, insurer, media firm, oil market participant or service company,166 whose permission does not include a requirement that it comply with IPRU-INV 3 or IPRU-INV 13 (Personal investment firms) and which is within (a), (b) or (c):
      1. (a) a firm:
        1. (i) which was a member of IMRO 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 SFA (under lead regulation arrangements);
      2. (b) a firm whose permission includes a requirement that it comply with IPRU-INV 5 (Investment management firms);
      3. (c) a firm:
        1. (i) which was given a Part 4A permission on or after commencement, or which was authorised under section 25 of the Financial Services Act 1986 immediately before commencement and was not a member of IMRO, PIA or the 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) managing investments other than for retail clients or where the assets managed are primarily derivatives;
        4. (B) OPS activity;
        5. 128(C) [deleted]128
        6. (Ca) managing an AIF;
        7. 128(D) [deleted]128
        8. 128(Da) [deleted]128
        9. (Db) acting as trustee or depositary of an AIF;
        10. (Dc) acting as a trustee or depositary of a UK UCITS166;
        11. (E) establishing, operating or winding up a collective investment scheme128;
        12. (Ea) establishing, operating or winding up a personal pension scheme; and
        13. (F) safeguarding and administering investments.