Financial Markets Conduct Act 2013

37 Investment businesses

(1)

A person is an investment business if the person is—

(a)

an entity whose principal business consists of 1 or more of the following:

(i)

investing in financial products; or

(ii)

acting as an underwriter; or

(iii)

providing a financial adviser service (within the meaning of section 9 of the Financial Advisers Act 2008) in relation to financial products; or

(iv)

providing a broking service (within the meaning of section 77B of the Financial Advisers Act 2008) in relation to financial products; or

(v)

trading in financial products on behalf of other persons; or

(b)

a registered bank; or

(c)

an NBDT; or

(d)

a licensed insurer (within the meaning of section 6(1) of the Insurance (Prudential Supervision) Act 2010); or

(e)

a manager of a registered scheme, or a discretionary investment management service, that holds a market services licence; or

(f)

a derivatives issuer that holds a market services licence; or

(g)

a QFE or an authorised financial adviser.

(2)

Subclause (1)(a) does not apply to an entity if the entity was established or acquired with a view to using it as an entity to which offers of financial products may be made in reliance upon the exclusion in clause 3.

(3)

Subclause (2) does not limit clause 9.

Schedule 1 clause 37(1)(c): replaced, on 1 May 2014, by section 102 of the Non-bank Deposit Takers Act 2013 (2013 No 104).