COMP 5.5 Protected investment business
Protected investment business is:
- (1)
designated investment business carried on by the relevant person with the claimant or as agent on his behalf;
- (2)
the activities of the manager or trustee of an AUT, provided that the claim is made by a holder;
- (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)
an establishment of the relevant person in the United Kingdom; or
- (2)
a branch of a UK firm which is:
- (a)
an ISD investment firm (including a credit institution which is an ISD investment firm), or
- (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);
- (a)
- (3)
both (1) and (2).1