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CASS 7 asset management firm

    166a firm subject to the client money rules and which falls within either (a) or (b), or both, but not (c):

      1. (a) a firm that was a member of IMRO immediately before commencement;
      1. (b) a firm for which the most substantial part of its gross income (including commissions) from its MiFID business or designated investment business that is not MiFID business, or both, is derived from one or more of the following activities:
        1. (i) managing investments other than derivatives;
        1. (ii) OPS activity;
        1. (iii) acting as the manager or trustee of an AUT;
        1. (iv) managing an AIF;
        1. (v) acting as the ACD or depositary of an ICVC;
        1. (vi) acting as the authorised contractual scheme manager or depositary of an ACS;
        1. (vii) acting as trustee or depositary of an AIF;
        1. (viii) acting as trustee or depositary of a UCITS;
        1. (ix) establishing, operating or winding up a collective investment scheme (other than an AUT; ICVC or ACS);
        1. (x) establishing, operating or winding up a personal pension scheme;
        1. (xi) safeguarding and administering investments; and
        1. (xii) the provision of platform services;
      1. (c) a firm for which the most substantial part of its gross income is derived from its safeguarding and administering investments activities.