Section 39(7)

A person carries on “investment services business” if, under the full and unconditional responsibility of only one investment firm on whose behalf the person acts, the person— promotes investment services or ancillary services to the firm's clients or prospective clients, receives and transmits instructions or orders from clients in respect of investment services or financial instruments, places financial instruments, or provides advice to clients or prospective clients in respect of investment services or financial instruments.

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Source: legislation.gov.uk · retrieved 2026-09-04