permitted scheme interests

      1. (a) [deleted]
      1. (b) in respect of a firm’s business with linked policyholders any of the following:
        1. (i) an authorised fund, except a long-term asset fund;
        1. (ii) a recognised scheme;
        1. (iii) a scheme falling within the UCITS Directive;
        1. (iv) a non-UCITS retail scheme;
        1. (v) a qualified investor scheme or its EEA equivalent or any unregulated collective investment scheme that invests only in permitted links and publishes its prices regularly, provided that either:
          1. (A) no more than 20% of the gross assets of the linked fund are so invested; or
          1. (B) provided that the firm treats it as a conditional permitted link and meets the conditions in COBS 21.3.16R and the requirements in COBS 21.3.20R and COBS 21.2.4R(3), it complies with the aggregated limit in COBS 21.3.19R.
Glossary Related Taxonomy Legal Instruments