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Status: You are viewing the version of the handbook as on 2012-01-07.

COMP 5.5 Protected investment business

COMP 5.5.1R

Protected investment business is:

  1. (1)

    designated investment business carried on by the relevant person with, or for the benefit of, the claimant (so long as that claimant has a claim), or as agent on the claimant's behalf;2

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  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 5.5.2R

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)

      a MiFID investment firm3 established in another EEA State; or

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    2. (b)

      a UCITS management company established in another EEA State (but only in relation to managing investments (other than collective portfolio management),5 advising on investments or safeguarding and administering investments);

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  3. and the claim is an ICD claim; or

  4. (3)

    both (1) and (2); or5

  5. (4)
    1. (a)

      5a UK branch of an EEA UCITS management company; or

    2. (b)

      an establishment of such an EEA UCITS management company in its Home State from which cross border services are being carried on;

    and in either case the management company is providing collective portfolio management services for a UCITS scheme but only if the claim relates to that activity.