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means the regulated activity specified in article 63S of the Regulated Activities Order.
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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.
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means (in relation to a person) an undertaking in the same group as that person.
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has the meaning given in the Glossary to the FCA Handbook.
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means a person in relation to whom the FCA or the PRA has given its approval under section 59 of FSMA (Approval for particular arrangements) for the performance of a controlled function.
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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.
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The changes to this defined term are effective from 23:00 on 31/12/2020.
means a collective investment undertaking, including investment compartments thereof which:
(1) raises capital from a number of investors, with the intention of investing it in accordance with a defined investment policy for the benefit of those investors; and
(2) does not require authorisation pursuant to article 5 of the UCITS Directive.
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This term is defined externally, please refer to:
s237(3) FSMA
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(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.
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means a fellow of an actuarial body or (in connection with general insurance business) a Fellow of the Casualty Actuarial Society who is a member of an actuarial body.
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means the Institute and Faculty of Actuaries.
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means an activity which is not a regulated activity but which is:
(1) carried on in connection with a regulated activity; or
(2) held out as being for the purposes of a regulated activity.
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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.
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means the regulated activity, specified in article 53 of the Regulated Activities Order (Advising on investments).
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means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010.
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has the meaning given in s39(2) FSMA.
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means a relationship of one of the following kinds:
(1) where an institution exercises a significant influence over one or more institutions or financial institutions, but without holding a participation or other capital ties in these institutions; or
(2) where two or more institutions or financial institutions are placed under single management other than pursuant to a contract or clauses of their memoranda or articles of association.
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means an asset contained in the relevant portfolio of assets, that falls within the scope of Matching Adjustment 4.4(1).