Related provisions for PERG 2.7.2-C

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

The regulated activity of managing investments includes several elements.(1) First, a person must exercise discretion. Non-discretionary portfolio management (where the manager buys and sells, as principal or agent, on the instructions of some other person) is not caught by this activity, although it may be caught by a different regulated activity such as the activity of dealing in investments as principal or dealing in investments as agent. The discretion must be exercised in
3To the extent that a firm4 has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.444
PERG 8.24.1GRP
Under article 53(1)1 of the Regulated Activities Order, for anyone except a person in PERG 8.24.1AG,4advising on investments (except P2P agreements)1 covers advice which:(1) is given to a person in his capacity as an investor or potential investor, or in his capacity as agent for an investor or a potential investor; and(2) is advice on the merits of his (whether as principal or agent):42(a) 4buying, selling, subscribing for, exchanging, redeeming, holding4 or underwriting a particular
6(1) Article 53(1) of the Regulated Activities Order (Advising on investments) deals with giving advice in relation to a security, a structured deposit or a relevant investment.9(2) A summary can be found in PERG 8.24 (Advising on investments). PERG 8.25 to PERG 8.30B give more detail.9(3) As described in PERG 8.24, for certain firms, the regulated activity only covers giving personal recommendations.9