Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 October 2018 - onwards
  Version 8 of 8    

26. Definition of restricted activity investment product intermediaries.

(1) An investment product intermediary is a restricted activity investment product intermediary for the purposes of this Act if-

(a) the only investment business service that the intermediary provides, or in relation to which the intermediary provides investment advice, is one or more of-

(i) receiving and transmitting orders for relevant collective investment scheme instruments, shares in a company that is listed on a stock exchange, bonds that are listed on a stock exchange, prize bonds, tracker bonds or personal retirement savings accounts within the meaning of the Pensions Act 1990, or

(ii) acting as a deposit agent or as a deposit broker,


(b) in the course of performing an activity of the kind specified in paragraph (a), the intermediary transmits orders only to an entity, or an entity of a class, specified in subsection (1A), and

(c) the intermediary does not hold clients' funds or securities in such a way as, in dealings with clients, to become indebted to those clients.