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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

management company

    as defined in section 237(2) of the Act, that is:132

      1. (1) a company, the regular business of which is:132
        1. (a) the management of UK UCITS; or132
        1. (b) the management of other collective investment undertakings which are not UK UCITS (and whose units cannot be marketed as such) and for which the management company is subject to prudential supervision, where undertaken in addition to the activity in sub-paragraph (a).132
      1. (2) For the purposes of paragraph 1(a) above, the regular business of a management company may include the following services, where permitted by the FCA and where undertaken in addition to the activity in paragraph 1 (a) above:132
        1. (a) management of portfolios of investments, including those owned by pension funds, in accordance with mandates given by investors on a discretionary, client-by-client basis, where such portfolios include one or more financial instruments; and132
        1. (b) the following non-core services, where provided in addition to the services in paragraph 2(a) above:132
          1. (i) investment advice concerning one or more financial instruments;132
          1. (ii) safekeeping and administration in relation to units of collective investment undertakings.132
      1. (3) For the purposes of paragraph 1(b) above, the management of other collective investment schemes includes the functions referred to in schedule 6 of the Regulated Activities Order.132