investment management firm
- (a) a firm:
- (i) which was a member of IMRO immediately before commencement; and
- (ii) which was not, immediately before commencement, subject to the financial supervision requirements of the FSA (under section 43 of the Financial Services Act 1986), or PIA or SFA (under lead regulation arrangements);
- (b) a firm whose permission includes a requirement that it comply with IPRU-INV 5 (Investment management firms);
- (c) a firm:
- (i) which was given a Part IV permission on or after commencement, or which was authorised under section 25 of the Financial Services Act 1986 immediately before commencement and was not a member of IMRO, PIA or the SFA; and
- (ii) for which the most substantial part of its gross income, including commissions, from the
regulated activities
included in its
Part IV permission
is derived from one or more of the following activities (based, for a firm given a
Part IV permission
after commencement, on the business plan submitted as part of the firm's application for permission or, for a firm authorised under section 25 of the Financial Services Act 1986, on the firm's financial year preceding its authorisation under the Act):
- (A) managing investments other than for private customers or where the assets managed are primarily derivatives;
- (B) OPS activity;
- (D) acting as the ACD or depositary of an ICVC;
- (E) establishing, operating or winding up a collective investment scheme (other than an AUT or ICVC );
, ELMI, building society , credit union, energy market participant, friendly society, ICVC, insurer, media firm, oil market participant, service company, incoming EEA firm (without a top-up permission), incoming Treaty firm (without a top-up permission), UCITS management company or UCITS qualifier (without a top-up permission), whose permission does not include a requirement that it comply with IPRU-INV 3 or IPRU-INV 10 (Securities and futures firms) or IPRU-INV 13 (Personal investment firms) and which is within (a), (b) or (c):