(1) In this Regulation –
"assets safeguarded and administered" or "ASA" means the value of assets that a management company safeguards and administers for clients, irrespective of whether assets appear on the management company's own balance sheet or are in third-party accounts;
"assets under management" or "AUM" means both the value of assets that a management company manages for its clients under discretionary portfolio management and the value of assets in relation to which such management company provides investment advice of an ongoing nature;
"client" means a natural or legal person, or any other undertaking (including a UCITS), to whom a management company provides individual portfolio management services;
"client money held" or "CMH" means the amount of client money that a management company holds, taking into account the legal arrangements in relation to asset segregation;
"management company" means a management company within the meaning given to that term in Regulation 2(1
…