Section 6(3)

The requirements are that the person— does not hold clients' funds or securities and does not, for that reason, at any time, place themselves in debit with their clients; does not provide any investment service other than the— reception and transmission of orders in transferable securities and units in collective investment undertakings; and provision of investment advice in relation to the financial instruments mentioned in paragraph (i); and in the course of providing the investment services mentioned in sub-paragraph (b), transmits orders only to— an investment firm which— has a Part 4A permission to carry on regulated activities relating to investment services and activities; or is authorised in accordance with the markets in financial instruments directive; a credit institution which— has a Part 4A permission to carry on the regulated activity of accepting deposits and falls within paragraph (3A); or is authorised in accordance with Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and investment firms; a branch of an investment firm or of a credit institution authorised in a third country and which is subject to, and complies with, prudential rules considered by the appropriate regulator to be at least as stringent as those laid down in Part 9C rules, CRR rules, the markets in financial instruments directive, the capital requirements regulation, and the solvency 2 directive; a collective investment undertaking authorised under the law of the United Kingdom or of an EEA State to market units to the public and to a manager of such an undertaking; or an investment company with fixed capital, the securities of which are listed or dealt in on a UK regulated market or a regulated market in an EEA State.

← 2 · All articles · 3A →

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