1. In this section -

"AIFM" refers only to an AIFM authorised by the Central Bank to provide individual portfolio management services;

"own funds" means own funds as defined by the AIFM Regulations;

"assets safeguarded and administered" or "ASA" means the value of assets that an AIFM safeguards and administers for clients, irrespective of whether assets appear on the AIFM’s own balance sheet or are in third-party accounts;

"assets under management" or "AUM" means both the value of assets that an AIFM manages for its clients under discretionary portfolio management and the value of assets in relation to which such AIFM provides investment advice of an ongoing nature;

"client" means a natural or legal person, or any other undertaking, to whom an AIFM provides individual portfolio management services;

"client money held" or "CMH" means the amount of client money that an AIFM holds, taking into account the legal arrangements in relation to asset segregation;