Status: You are viewing the version of the handbook as on 2018-01-02.

participant firm

    (1) (except in FEES 1 and FEES 6) a firm or a member other than:

      1. (a) (in accordance with section 213(10) of the Act (The compensation scheme) and regulation 2 of the Electing Participants Regulations (Persons not to be regarded as relevant persons) an incoming EEA firm which is:
        1. (i) a credit institution;
        1. (ii) a MiFID investment firm; or
        1. (iii) [deleted]
        1. (iv) both (i) and (ii); or
        1. (v) an IMD insurance intermediary or an IMD reinsurance intermediary which is neither (i) or (ii); or148
        1. (vi) an AIFM managing an unauthorised AIF or providing the services in article 6(4) of AIFMD; or148
        1. (vii) an MCD mortgage credit intermediary;148
        in relation to its passported activities, unless it has top-up cover;148
      1. (aa) (in accordance with section 213(10) of the Act (The compensation scheme) and regulation 2 of the Electing Participants Regulations (Persons not to be regarded as relevant persons) an incoming EEA firm which is a management company other than to the extent that it carries on the following activities from a branch in the United Kingdom or under the freedom to provide cross border services:
        1. (i) collective portfolio management for a UCITS scheme; or
        1. (ii) managing investments (other than of a collective investment scheme), advising on investments or safeguarding and administering investments (the services referred to in article 6(3) of the UCITS Directive), but only if it has top-up cover;
      1. (b) a service company;
      1. (c) [deleted]
      1. (d) [deleted]
      1. (e) an underwriting agent , or members' adviser , in respect of advising on syndicate participation at Lloyd's or managing the underwriting capacity of a Lloyd's syndicate as a managing agent at Lloyd's;
      1. (f) an authorised professional firm that is subject to the rules of the Law Society (England and Wales) or the Law Society of Scotland and with respect to its regulated activities participates in the relevant society's compensation scheme;
      1. (g) an ICVC;
      1. (h) a UCITS qualifier;
      1. (i) [deleted]
      1. (j) in respect of the carrying on of bidding in emissions auctions, a firm that is exempt from MiFID under article 2(1)(i);117
      1. (k) an AIFM qualifier;117
      1. (l) an operator of an electronic system in relation to lending in respect of operating the system.

    (2) (in FEES 1 and FEES 6) a firm specified in paragraph (1) above that is not a member.117