IFPRU 125K firm
- (a) it does not deal on own account or underwrite issues of financial instruments on a firm commitment basis;
- (b) it holds clients' money or securities in relation to investment services it provides or is authorised to do so;
- (c) it offers one or more of certain specified services;
- (d) it is not a collective portfolio management investment firm; and
- (e) it does not operate a multilateral trading facility.