FCA Speech: Culture, Purpose and Governance in the Asset Management Sector (2) (in LR), a person who manages investments on behalf of a client and is not a wholly-paid subsidiary.64 (a) a description of the services and, where appropriate, the nature and scope of the investment advice to be provided; 73 Records that specify the respective rights and obligations of the investment firm and the client as part of a service agreement or the conditions under which it provides services to the client are retained at least for the duration of the relationship with the client. This practice note covers the regulated activity of investment management. The regulated investment management activity only applies if the investment manager has discretion. When portfolio management is done without judgment (for example.B. If the administrator buys shares on instructions from the customer or accepts and issues orders on instructions from the customer, it is likely that the activity will be another regulated activity, for example. B “participation transactions as a client or agent” (RAO SI 2001/544, s. 14 and 21) or “Deals in Investments” (RAO SI 2001/544, s. 25). See practices: Trade in investment and trade in the investment and operation of multilateral and organized trade institutions for more information.
(b) in the case of portfolio management services, the types of financial instruments that can be purchased and sold and the types of transactions that can be made on behalf of the client, as well as any prohibited instrument or transaction; and the ACF reminds companies that they should consider operational resilience as a business priority. The ACF also considers the effective identification and management of conflicts of interest to be an expression of a goal for asset managers. 46 (2) Investment firms provide the information required under Sections 47 to 50 in a timely manner before providing investment or ancillary services to clients or potential clients. Investment management is a regulated activity under Section 37 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO). On September 21, 2020, the FCA released a speech by Marc Teasdale, Director of Wholesale Supervision, at the Investment Association on the Drivers of Culture and the Role of Purpose and Governance in the Asset Management Sector. (b) information covered by Article 47 of this agreement or of these investments or ancillary services. 58 Investment firms that provide an investment service to a client after the date of application of this regulation or the ancillary service covered in Schedule I of the 2014/65/EC Directive enter into a written agreement in principle with the client on paper or on any other sustainable medium in which the client exposes the essential rights and obligations of the company and the client. Investment firms that provide investment advice have only complied with this obligation if a regular assessment of the adequacy of recommended instruments or services is carried out.
If the information in paragraph 1 is communicated to a customer in a timely manner prior to the service, a company is not required to provide it separately or include it in a customer agreement. in cases where assets are constituted or include an investment that is a “guarantee” or a “contractual investment” (for more information on what a “guarantee” or “contractual investment” is, see below).