personal investment firm

(subject to BIPRU TP 1 (Revised definition of personal investment firm for certain transitional purposes)) 43126435a firm whose permitted activities include designated investment business, which is not an authorised professional firm, bank, BIPRU investment firm,43 building society, collective portfolio management firm104, credit union 104 , energy market participant 104 , 104 , ICVC 104 , insurer 104 , media firm 104 , oil market participant 104 , service company 104 , incoming EEA firm 104 (without a top-up permission ), incoming Treaty firm (without a top-up permission) or UCITS qualifier (without a top-up permission), whose permission does not include a requirement that it comply with IPRU(INV) 3 (Securities and futures firms) or52 5 (Investment management firms) , and which is within (a), (b) or (c):

1. (a) a firm:
   1. (i) which was a member of PIA 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 IMRO or SFA (under lead regulation arrangements);
2. (b) a firm whose permission includes a requirement that it comply with IPRU(INV) 13 (Personal investment firms);
3. (c) a firm:
   1. (i) which was given a234 Part 4A permission 234 after commencement, or which was authorised under section 25 of the Financial Services Act 1986 immediately before commencement and not a member of IMRO, PIA or SFA; and
   2. (ii) for 69which69the most substantial part of its gross income69( including commissions )69from the 69 designated investment business 69 included in its234 Part 4A permission 234 is derived from one or more of the following activities (based, for a firm given a234 Part 4A permission 234 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):
      1. (A) advising on investments , 69 arranging (bringing about) deals in investments or making arrangements with a view to transactions in investments69, in relation to packaged products;
      2. (B) managing investments for61 retail clients 61 .