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Designated investment business - FCA Rulebook Term: Difference between revisions
Designated investment business - FCA Rulebook Term (view source)
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{{anat|cass|}}{{hbglossary|Designated investment business |G283}} | {{anat|cass|}}{{hbglossary|Designated investment business |G283}} | ||
Being based on the old [[Financial Services and Markets Act 2000|Financial Markets and Services Act 2000]], which predates, but somehow survives, [[MiFID]], {{fcaprov|designated investment business}} is a wider confection than {{fcaprov|MiFID business}}, but large parts of it overlap. | |||
{{tabletop}} | |||
|- | |||
|'''Subject''' | |||
|'''Designated investment business''' | |||
|'''MiFID business''' | |||
|- | |||
|Order handling | |||
|NA | |||
|(1) Reception and transmission of orders in relation to one or more financial instruments; | |||
|- | |||
|Dealing for clients | |||
|(b) dealing in investments as agent (article 21) but only in relation to designated investments (other than P2P agreements); | |||
(c) arranging (bringing about) deals in investments (article 25(1)), but only in relation to designated investments (other than P2P agreements); | |||
(d) making arrangements with a view to transactions in investments (article 25(2)), but only in relation to designated investments (other than P2P agreements); | |||
|(2) Execution of orders on behalf of clients; | |||
|- | |||
|Dealing for house | |||
|(a) dealing in investments as principal (article 14), but disregarding the exclusion in article 15 (Absence of holding out etc); | |||
|(3) Dealing on own account; | |||
|- | |||
|Investment management | |||
|(e) managing investments (article 37), but only if the assets consist of or include (or may consist of or include) designated investments (other than P2P agreements); | |||
|(4) Portfolio management; | |||
|- | |||
|Advisory stuff | |||
| | |||
(m) advising on investments (except P2P agreements) (article 53(1) to (1D)), but only in relation to designated investments (other than P2P agreements); <br> | |||
(ma) advising on P2P agreements (article 53(2)); <br> | |||
(mb) advising on conversion or transfer of pension benefits (article 53E); <br> | |||
|(5) Investment advice; | |||
|- | |||
|Underwriting | |||
|NA | |||
|(6) Underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis; | |||
|- | |||
|Uncommitted placement | |||
|NA | |||
|(7) Placing of financial instruments without a firm commitment basis; | |||
|- | |||
| | |||
|(da) operating a [[multilateral trading facility]] (article 25D); | |||
|(8) Operation of an [[MTF]]; | |||
|- | |||
| | |||
|(daa) operating an [[organised trading facility]] (article 25DA) | |||
|(9) Operation of an [[OTF]]. | |||
|- | |||
|[[Custody]] | |||
|(f) safeguarding and administering investments (article 40), but only if the assets consist of or include (or may consist of or include) designated investments(other than P2P agreements); | |||
|NA | |||
|- | |||
|Pension stuff | |||
|(l) establishing, operating or winding up a stakeholder pension scheme (article 52(a)) | |||
(la) establishing, operating or winding up a personal pension scheme (article 52(b)); | |||
(lb) providing basic advice on a stakeholder product (article 52B); | |||
|NA | |||
|- | |||
|Managing funds | |||
|(p) managing a UCITS; | |||
(q) acting as trustee or depositary of a UCITS; | |||
(r) managing an AIF; | |||
(s) acting as trustee or depositary of an AIF; | |||
(t) establishing, operating or winding up a collective investment scheme | |||
|NA | |||
|- | |||
|Random stuff | |||
|(ba) MiFID business bidding (part of bidding in emissions auctions) (article 24A); <br> | |||
(db) operating an electronic system in relation to lending (article 36H) but only insofar as it relates to a lender or prospective lender under a P2P agreement; <br> | |||
(ea) assisting in the administration and performance of a contract of insurance, but only if the contract of insurance is a designated investment. <br> | |||
(g) sending dematerialised instructions (article 45(1)); <br> | |||
(h) causing dematerialised instructions to be sent (article 45(2)); <br> | |||
(n) agreeing to carry on a regulated activity in (a) to (h) and (m) (article 64). <br> | |||
|NA | |||
|- | |||
{{tablebottom}} | |||