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Glossary

The Rulebook Glossary contains defined terms used in more than one Part across the PRA Rulebook.

The full Glossary can be downloaded as a PDF or printed using the icons to the right.

Term Definition Legal instruments for this definition

dealing in investments as agent

03/08/2015

means the regulated activity, specified in article 21 of the Regulated Activities Order (Dealing in investments as agent).

dealing in investments as principal

19/06/2014

means the regulated activity specified in Article 14 of the Regulated Activities Order (Dealing in investments as principal).

designated investment

03/08/2015

means a security or a contractually-based investment (other than a funeral plan contract and a right to or interest in a funeral plan contract), that is, any of the following investments, specified in Part III of the Regulated Activities Order (Specified Investments), and a long-term care insurance contract which is a pure protection contract:

(1) life policy (subset of article 75 (Contracts of insurance));

(2) share;

(3) debenture (article 77);

(4) alternative debenture (article 77A);

(5) government and public security (article 78);

(6) instruments giving entitlements to investments (article 79);

(7) certificate representing certain securities (article 80);

(8) unit in a collective investment scheme (article 81);

(9) rights under a stakeholder pension scheme (article 82(1))

(10) rights under a personal pension scheme (article 82(2));

(11) Greenhouse gas allowances which are auctioned (article 82A), where they are a financial instrument.

(12) option; for the purposes of the permission regime, this is sub-divided into:

(a) option (excluding a commodity option and an option on a commodity future);

(b) commodity option and option on a commodity future;

(13) future; for the purposes of the permission regime, this is sub-divided into:

(a) future (excluding a commodity future and a rolling spot forex contract);

(b) commodity future;

(c) rolling spot forex contract;

(14) contract for differences; for the purposes of the permission regime, this is sub-divided into:

(a) contract for differences (excluding a spread bet and a rolling spot forex contract);

(b) spread bet;

(c) rolling spot forex contract;

(15) rights to or interests in investments in (1) to (14) (article 89) but not including rights to or interests in rights under a long-term care insurance contract which is a pure protection contract.

designated investment business

03/08/2015

means any of the following activities, specified in Part II of the Regulated Activities Order (Specified Activities), which is carried on by way of business:

(1) dealing in investments as principal, but disregarding the exclusion in article 15 (Absence of holding out etc);

(2) dealing in investments as agent but only in relation to designated investments;

(3) the regulated activity of bidding in emissions auctions (article 24A of the Regulated Activities Order) where it is carried on by a MiFID investment firm (other than a UCITS investment firm, as defined in the FCA Handbook) in relation to a financial instrument;

(4) arranging (bringing about) deals in investments, but only in relation to designated investments;

(5) making arrangements with a view to transactions in investments, but only in relation to designated investments

(6) operating a multilateral trading facility;

(7) managing investments, but only if the assets consist of or include (or may consist of or include) designated investments

(8) assisting in the administration and performance of a contract of insurance, but only if the contract of insurance is a designated investment;

(9) safeguarding and administering investments, but only if the assets consist of or include (or may consist of or include) designated investments; for the purposes of the permission regime, this is sub-divided into:

(a) safeguarding and administration of assets (without arranging);

(b) arranging safeguarding and administration of assets;

(10) sending dematerialised instructions (article 45(1));

(11) causing dematerialised instructions to be sent (article 45(2));

(12) establishing, operating or winding up a stakeholder pension scheme);

(13) establishing, operating or winding up a personal pension scheme;

(14) providing basic advice on a stakeholder product (article 52B);

(15) advising on investments, but only in relation to designated investments; for the purposes of the permission regime, this is sub-divided into:

(a) advising on investments (except pension transfers and pension opt-outs);

(b) advising on pension transfers and pension opt-outs;

(16) agreeing to carry on a regulated activity in (1) to (11) and (15) (article 64);

(17) managing a UCITS;

(18) acting as trustee or depositary of a UCITS (article 51ZB);

(19) managing an AIF;

(20) acting as trustee or depositary of an AIF (article 51ZD); 

(21) establishing, operating or winding up a collective investment scheme.

designated investment firm

05/09/2014

means an investment firm that has been designated by the PRA under Article 3 of Financial Services and Markets Act 2000 (PRA-regulated Activities) Order (S.I. 2013/556).

director

01/02/2014

means (in relation to any of the following (whether constituted in the UK or under the law of a country or territory outside it)):

(a) an unincorporated association;

(b) body corporate;

any person appointed to direct its affairs, including a person who is a member of its governing body and (in accordance with section 417(1) of FSMA):

(i) a person occupying in relation to it the position of a director (by whatever name called); and

(ii) a person in accordance with whose directions or instructions (not being advice given in a professional capacity) the directors of that body are accustomed to act.

dormant account fund operator

03/08/2015

a person with a Part 4A permission for operating a dormant account fund.