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IPRU-INV 13 App 1 Defined terms for Chapter 13

IPRU-INV 13 App 1.1 G


a recognised investment exchange or designated investment exchange.

low resource firm

a Category B3 firm which is not a network, has fewer than 26 financial advisers or representatives and is not permitted to:

(a) carry on discretionary portfolio management;

(b) establish, operate or wind up a personal pension scheme; or

(c) delegate the activities in (a) or (b) to an investment firm.

net current assets

the total, at a particular date, of all assets which are not intended for use on a continuing basis in the firm’s business (i.e. current assets), less all the liabilities payable within 12 months of that date.

properly secured

fully secured by a first charge in favour of the firm on land and buildings, or on a readily realisable investment where the firm has in its possession or under its control a document of title or a document evidencing title to that investment.