Related provisions for PERG 2.9.2

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PERG 7.3.2GRP
Articles 53 and 53Aof the Regulated Activities Order contain a number of elements, all of which must be present before a person will require authorisation. For guidance on whether a person is carrying on these regulated activities, see PERG 8 (Financial promotion and related activities) and PERG 4 (Guidance on regulated activities connected with mortgages), .
PERG 7.3.8GRP
If a person is carrying on the business of advising on investmentsin the United Kingdom, he will not require authorisation if:(1) he is able to rely on an exclusion; in addition to the exclusions already mentioned (in articles 54 and 72 of the Regulated Activities Order), other exclusions that may be relevant are in Chapter XVII of Part II of the Regulated Activities Order; or(2) he is an exempt person (see PERG 2.11 (What to do Now?)); since persons are exempt only in relation
PERG 5.11.6GRP
(1) The removal of the exclusion for groups and joint enterprises in article 69 of the Regulated Activities Order (Groups and joint enterprises) may have implications for a company providing services for:(a) other members of its group; or(b) other participants in a joint enterprise of which it is a participant.(2) Such companies might typically provide risk or treasury management or administration services which may include regulated activities relating to a contract of insurance.
SUP App 3.9.5GRP

Services set out in Annex to the ISD1

Table 2: ISD activities

Part II RAO Activities

Part III RAO Investments

1. Core services

1.

(a) Reception and transmission, on behalf of investors, of orders in relation to one or more of the relevant instruments

(b) Execution of such orders other than for own account

Article 25 (see Note 1), 64

Article 21, 64

Article 76-81, 83-85, 89

Article 76-81, 83-85, 89

2.

Dealing in any of the relevant instruments for own account

Article 14, 64

Article 76-81, 83-85, 89

3.

Managing portfolios of investments in accordance with mandates given by investors on a discretionary, client-by-client basis where such portfolios include one or more of the relevant instruments

Article 14, 21, 25, 37, 53, 64

Article 76-81, 83-85, 89

4.

Underwriting in respect of issues of any of the relevant instruments and/or the placing of such issues

Article 14, 21, 25, 64

Article 76-81, 83-85, 89

2. Non-core services

1.

Safekeeping and administration services

Article 40, 45, 64

Article 76-81, 89

2.

Safe custody services

3.

Granting credits or loans to an investor to allow him to carry out a transaction in one or more of the relevant instruments where the firm granting the credit or loan is involved

4.

Advice to undertakings on capital structure, industrial matters and advice and services relating to mergers and the purchase of undertakings

Article 14, 21, 25, 53, 64

Article 76-80, 83-85, 89

5.

Services related to underwriting

Article 25, 53, 64

Article 76-81, 83-85, 89

6.

Investment advice concerning one or more of the relevant instruments

Article 53, 64

Article 76-81, 83-85, 89

7.

Foreign exchange services where these are connected with the provision of investment services

Article 14, 21, 25, 53, 64

Article 83-85, 89

Note 1. The ISD activity of receiving and transmitting orders does not extend to the regulated activity of making arrangements with a view to transactions in investments under article 25(2) of the Regulated Activities Order unless the arrangements bring about or would bring about particular transactions. This is the case, whether or not the bringing about arises or would arise as a result of the person who makes the arrangements receiving and transmitting orders in relation to particular transactions or in any other way.
SUP App 3.9.6GRP

1Activities set out in Article 5(2) and (3) of the UCITS Directive

Table 2A: UCITS Directive activities

Part II RAO Activities

Part III RAO Investments

1.

The management of UCITS in the form of unit trusts / common funds or of investment companies; this includes the function mentioned in Annex II of the UCITS Directive (see Note 2).

Articles 14, 21, 25, 37, 51, 53, 64

Articles 76-81, 83-85, 89

2.

Managing 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 of the instruments listed in Section Bof theAnnex to the ISD.

Articles 14, 21, 25, 37, 53, 64

Articles 76-81, 83-85, 89

3.

Investment advice concerning one or more of the instruments listed in Section Bof theAnnex to the ISD.

Articles 53, 64

Articles 76-81, 83-85, 89

4.

Safekeeping and administration services in relation to units of collective investment undertakings.

Articles 40, 45, 64

Articles 76-81, 83-85, 89

Note 1. A UCITS management company can only exercise passport rights under the UCITS Directive (article 2(2)(h) of the ISD). A UCITS management company can only be authorised to carry on the non-core services set out in rows (3) and (4) of Table 2A if it is also authorised to carry on the activity set out in row (2) of the table.

Note 2. The functions set out in Annex 2 to the UCITS Directive are:

1.

Investment management.

2.

Administration:

a.

legal and fund management accounting services;

b.

customer inquiries;

c.

valuation and pricing (including tax returns);

d.

regulatory compliance monitoring;

e.

maintenance of unit-holder register;

f.

distribution of income;

g.

unit issues and redemptions;

h.

contract settlements (including certificate dispatch);

i.

record keeping.

3.

Marketing.
PERG 8.12.21GRP
Financial promotions made only to or directed only at certain types of person who are sophisticated enough to understand the risks involved are exempt. These are:(1) authorised persons;(2) exempt persons (where the financial promotion relates to a controlled activity which is a regulated activity for which the person is exempt);(3) governments and local authorities; and(4) persons whose ordinary business involves carrying on a controlled activity of the kind to which the financial
PERG 5.15.2GRP
Flow chart: regulated activities related to insurance mediation activities – do you need authorisation?
PERG 5.15.8GRP
Flow chart: am I carrying on regulated activities in the United Kingdom?
PERG 4.3.1GRP
There are six regulated mortgage activities requiring authorisation or exemption if they are carried on in the United Kingdom. These are set out in the Regulated Activities Order. They are:(1) arranging (bringing about) regulated mortgage contracts (article 25 A(1) (Arranging regulated mortgage contracts));(2) making arrangements with a view to regulated mortgage contracts (article 25A(2) (Arranging regulated mortgage contracts));(3) advising on regulated mortgage contracts (article
PERG 9.10.10GRP
A person carrying on the regulated activity of establishing, operating or winding up a collective investment scheme that is constituted by an open-ended investment company will need permission for those activities. In line with section 237(2) of the Act (Other definitions), the operator of a collective investment scheme that is an open-ended investment company is the company itself. But where the open-ended investment company is incorporated outside the United Kingdom, it will