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designated investment business

  1. any of the following activities, specified in Part II of the Regulated Activities Order (Specified Activities), which is carried on by way of business:
  2. (a) dealing in investments as principal (article 14), but disregarding the exclusion in article 15 (Absence of holding out etc);
  3. (b) dealing in investments as agent (article 21) but only in relation to designated investments (other than P2P agreements);
  4. (ba) MiFID business bidding (part of bidding in emissions auctions) (article 24A);
  5. (c) arranging (bringing about) deals in investments (article 25(1)), but only in relation to designated investments (other than P2P agreements);
  6. (d) making arrangements with a view to transactions in investments (article 25(2)), but only in relation to designated investments (other than P2P agreements);
  7. (da) operating a multilateral trading facility (article 25D);
  8. (daa) operating an organised trading facility (article 25DA);
  9. (dab) operating an electronic system for public offers of relevant securities (article 25DB);
  10. (db) operating an electronic system in relation to lending (article 36H) but only insofar as it relates to a lender or prospective lender under a P2P agreement;
  11. (e) managing investments (article 37), but only if the assets consist of or include (or may consist of or include) designated investments (other than P2P agreements);
  12. (ea) assisting in the administration and performance of a contract of insurance, but only if the contract of insurance is a designated investment.
  13. (f) safeguarding and administering investments (article 40), but only if the assets consist of or include (or may consist of or include) designated investment s(other than P2P agreements); for the purposes of the permission regime, this is sub-divided into:
    1. (i) safeguarding and administration of assets (without arranging);
    2. (ii) arranging safeguarding and administration of assets;
  14. (g) sending dematerialised instructions (article 45(1));
  15. (h) causing dematerialised instructions to be sent (article 45(2));
  16. (l) establishing, operating or winding up a stakeholder pension scheme (article 52(a))
  17. (la) establishing, operating or winding up a personal pension scheme (article 52(b));
  18. (lb) providing basic advice on a stakeholder product (article 52B);
  19. (m) advising on investments (except P2P agreements) (article 53(1) to (1D) ), but only in relation to designated investments (other than P2P agreements); for the purposes of the permission regime, this includes:
    1. (i) advising on investments (except pension transfers and pension opt-outs);
    2. (ii) advising on investments (except P2P agreements) in respect of pensions transfers and pension opt-outs;
  20. (ma) advising on P2P agreements (article 53(2));
  21. (mb) advising on conversion or transfer of pension benefits (article 53E);
  22. (mc) providing targeted support, but only in relation to designated investments (other than P2P agreements) (article 55A);
  23. (n) agreeing to carry on a regulated activity in (a) to (h) and (m) (article 64).
  24. (o) [deleted]
  25. (p) managing a UK UCITS;
  26. (q) acting as trustee or depositary of a UK UCITS;
  27. (r) managing an AIF;
  28. (s) acting as trustee or depositary of an AIF;
  29. (t) establishing, operating or winding up a collective investment scheme.
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