managing investments

95the regulated activity, specified in article 37 of the Regulated Activities Order (Managing investments), which is in summary: managing assets belonging to another person in circumstances which involve the exercise of discretion, if:

1. (a) the assets consist of or include any security or contractually based investment (that is, any designated investment (other than a P2P agreement), funeral plan contract or right to or interest in a funeral plan contract); or
2. (b) the arrangements for their management are such that the assets may consist of or include such investments, and either the assets have at any time since 29 April 1988 done so, or the arrangements have at any time (whether before or after that date) been held out as arrangements under which the assets would do so.