Section 232(2)

Condition 1 is that the institution has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on the regulated activity of— safeguarding and administering investments, managing an AIF or a UCITS, acting as trustee or depositary of an AIF or a UCITS, dealing in investments as principal, or dealing in investments as agent.

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