Related provisions for PERG 2.9.2

PERG 2.7.6BG01/04/2013

11The RAO and the auction regulation together generate three broad categories of person in relation to bidding for emissions allowances on an auction platform:(1) The first category consists of an investment firm to which MiFID applies and a BCD credit institution where either firm is bidding on behalf of its clients for emissions auction products or bidding on its own account for emissions auction products that are financial instruments. This category also consists of a person

PERG 7.3.2G08/06/2015

Articles 53,1 53A, 53B,3 53C1 and 53D 3and 53E 5of the Regulated Activities Order contain a number of elements, all of which must be present before a person will require authorisation. For guidance on whether a person is carrying on these regulated activities, see PERG 8 (Financial promotion and related activities),1PERG 4 (Guidance on regulated activities connected with mortgages), PERG 12.6 (Advising on conversion or transfer of pension benefits), 5, 3PERG 14.3, 3PERG 14.4

PERG 7.3.8G06/04/2007

If a person is carrying on the business of advising on investments or advising on a home finance transaction1in the United Kingdom, he will not require authorisation if:(1) he is able to rely on an exclusion; in addition to the exclusions already mentioned (in articles 54 and 72 of the Regulated Activities Order), other exclusions that may be relevant are in Chapter XVII of Part II of the Regulated Activities Order; or(2) he is an exempt person (see PERG 2.11 (What to do now?1));

PERG 5.11.6G01/04/2013

(1) The removal of the exclusion for groups and joint enterprises in article 69 of the Regulated Activities Order (Groups and joint enterprises) may have implications for a company providing services for:(a) other members of its group; or(b) other participants in a joint enterprise of which it is a participant.(2) Such companies might typically provide risk or treasury management or administration services which may include regulated activities relating to a contract of insurance.

SUP App 3.9.5G01/01/2012

3Table 2: MiFID investment services and activities		Part II RAO Investments	Part III RAO Investments
	A MiFID investment services and activities
1.	Reception and transmission of orders in relation to one or more financial instruments	Article 252	Article 76-81, 83-85, 89
2.	Execution of orders on behalf of clients	Article 14, 21	A Article 76-81, 83-85, 89
3.	Dealing on own account	Article 14	Article 76-81, 83-85, 89
4.	Portfolio management	Article 37 (14, 21, 25 - see Note 1) 2	Article 76-81, 83-85, 89
5.	Investment advice	Article 53	Article 76-81, 83-85, 89
6.	Underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis	Article 14, 21	Article 76-81, 83-85, 89
7.	Placing of financial instruments without a firm commitment basis	Article 21, 25	Article 76-81, 83-85, 89
8.	Operation of Multilateral Trading Facilities	Article 25D5 (see Note 2) 5	Article 76-81, 83-85, 89
	Ancillary services	Part II RAO Activities	Part III RAO Investments
1.	Safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management	Article 40, 45, 64	Article 76-81, 83-85, 89
2.	Granting credits or loans to an investor to allow him to carry out a transaction in one or more of the relevant instruments where the firm granting the credit or loan is involved
3.	Advice to undertakings on capital structure, industrial strategy and related matters and advice and services relating to mergers and the purchase of undertakings	Article 14, 21, 25, 53, 64	Article 76-80, 83-85, 89
4.	Foreign exchange services where these are connected with the provision of investment services	Article 14, 21, 25, 53, 64	Article 83-85, 89
5.	Investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments	Article 53, 64	Article 76-81, 83-85, 89
6.	Services related to underwriting	Article 25, 53, 64	Article 76-81, 83-85, 89
7.	Investment services and activities as well as ancillary services of the type included under Section A or B of Annex I related to the underlying of the derivatives included under Section C 5, 6, 7 and 10-where these are connected to the provision of investment or ancillary services.	Article 14, 21, 25, 25D,5 37, 53, 64 5	Article 83 and 84
Note 1. A firm may also carry on these other activities when it is managing investments.2
Note 2. A firm operating an MTF under article 25D5 does not need to have a permission covering other regulated activities, unless it performs other regulated activities in addition to operating an MTF. 5

SUP App 3.9.6G22/07/2014

Table 2A: UCITS Directive activities		Part II RAO Activities	Part III RAO Investments
1.	The management of UCITS in the form of unit trusts / common funds or of investment companies; this includes the function mentioned in Annex II of the UCITS Directive (see Note 2).	Article 51ZA8 8	N/A (activity relates to property of any kind) (Note 3)8 8 8
2.	Managing portfolios of investments, including those owned by pension funds, in accordance with mandates given by investors on a discretionary, client-by-client basis, where such portfolios include one or more of the instruments listed in Section C 3of Annex I 3to MiFID 3. 3 3	Articles 14, 21, 25, 37, 40 (arranging only),8 64 8	Articles 76-81, 83-85, 89
3.	Investment advice concerning one or more of the instruments listed in Section C3of Annex I 3to MiFID 3. 3	Articles 53, 64	Articles 76-81, 83-85, 89
4.	Safekeeping and administration services in relation to units of collective investment undertakings.	Articles 40, 45, 64	Articles 76-81, 83-85, 89
Note 1. A UCITS management company can only be authorised to carry on the non-core services set out in rows (3) and (4) of Table 2A if it is also authorised to carry on the activity set out in row (2) of the table (see COLL 6.9.9 R)8. 3 3 8
Note 2. The functions set out in Annex 2 to the UCITS Directive are:
1.	Investment management.
2.	Administration:
	a.	legal and fund management accounting services;
	b.	customer inquiries;
	c.	valuation and pricing (including tax returns);
	d.	regulatory compliance monitoring;
	e.	maintenance of unit-holder register;
	f.	distribution of income;
	g.	unit issues and redemptions;
	h.	contract settlements (including certificate dispatch);
	i.	record keeping.
3.	Marketing.
8Note 3. The regulated activity of managing a UCITS may be carried on for property of any kind (article 4(2) of the regulated activities order). However, the scheme property of a UCITS scheme is limited to certain types of property, in line with COLL 5 (Investment and borrowing powers).

PERG 8.12.21G01/07/2005

Financial promotions made only to or directed only at certain types of person who are sophisticated enough to understand the risks involved are exempt. These are:(1) authorised persons;(2) exempt persons (where the financial promotion relates to a controlled activity which is a regulated activity for which the person is exempt);(3) governments and local authorities; and(4) persons whose ordinary business involves carrying on a controlled activity of the kind to which the financial

PERG 5.15.2G01/04/2013

Flow chart: regulated activities related to insurance mediation activities – do you need authorisation?

PERG 5.15.8G01/04/2013

Flow chart: am I carrying on regulated activities in the United Kingdom?

FEES 4.4.9D01/04/2013

3To the extent that a firm4 has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.444

Related provisions for PERG 2.9.2

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