COMP 5.5 Protected investment business

Protected investment business is:

1. (1)

   designated investment business carried on by the relevant person with the claimant or as agent on his behalf;

2. (2)

   the activities of the manager or trustee of an AUT, provided that the claim is made by a holder;

3. (3)

   the activities of the ACD or depositary of an ICVC, provided that the claim is made by a holder;

provided that the condition in COMP 5.5.2 R is satisfied.

COMP 5.5.1 R only applies if the protected investment business was carried on from:

1. (1)

   an establishment of the relevant person in the United Kingdom; or

2. (2)

   a branch of a UK firm which is:

   1. (a)

      an ISD investment firm (including a credit institution which is an ISD investment firm), or

   2. (b)

      a UCITS management company established in another EEA State (but only in relation to managing investments (other than of a collective investment scheme), advising on investments or safeguarding and administering investments);

3. and the claim is an ICD claim; or

4. (3)

   both (1) and (2).1