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CAD investment firm

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    a firm that is subject to the requirements imposed by MiFID (or which would be subject to that Directive if its head office were in an EEA State) but excluding a bank, a building society, a credit institution, a local firm211

    and an exempt CAD firm that meets the following conditions:

      1. (a) it is a firm as defined in article 4(1)(2)(c) of the EU CRR;
      1. (b) it is authorised to provide one or more the following investment services:
        1. (i) (execution of orders on behalf of clients;
        1. (ii) portfolio management; and
      1. (c) it may provide one or more of the following investment services:
        1. (i) reception and transmission of orders in relation to one or more financial instruments;
        1. (ii) investment advice.