Glossary

that part of safeguarding and administering investments which consists solely of arranging for one or more other persons to carry on both:

(a) the safeguarding of assets belonging to another; and

(b) the administration of those assets.

The changes to this defined term are effective from 23:00 on 31/12/2020.

means an undertaking with a Part 4A permission under Article 51ZA of the Regulated Activities Order (Managing a UCITS) or an undertaking, the registered office of which is outside the UK and which would require such permission if it had its registered office within the UK.

means

(1) (in relation to a company incorporated in the UK) an annual report and annual accounts as those terms are defined in section 471 of the Companies Act 2006 together with an auditor's report prepared in relation to those accounts under sections 495 to 497A of the same Act;
(2) (in relation to any other body) any similar or analogous documents which it is required to prepare whether by its constitution or by the law under which it is established.

means investment management functions of an AIFM as set out in 1(a) (portfolio management) or (b) (risk management) of Annex I to AIFMD.

has the meaning given in the Glossary to the FCA Handbook.

means (in relation to a person) an undertaking in the same group as that person.

The changes to this defined term are effective from 23:00 on 31/12/2020.

means a legal person whose regular business is managing one or more alternative investment funds.

means the regulated activity specified in article 25(1) of the Regulated Activities Order.

(1) (in the Financial Conglomerates Part of the PRA Rulebook) has the meaning given in Financial Conglomerates 1.4;

(2) (in relation to the Group Supervision Part of the PRA Rulebook) means, in relation to any undertaking in a group, an undertaking complying with the following conditions:

(a) its principal activity consists of:

(i) owning or managing property;

(ii) managing data-processing services;

(iii) providing health and care services; or

(iv) any other similar activity;

(b) the activity in (a) is ancillary to the principal activity of one or more insurance undertakings; and

(c) those insurance undertakings are also members of that group.

means the permission granted to a firm by the PRA pursuant to section 138BA of FSMA for the purpose of allowing the firm to take into account an item of ancillary own funds as part of its own funds.

This term is defined externally, please refer to:

s417(1) FSMA

has the meaning given in regulation 2(1) of the Electronic Money Regulations.