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Safeguarding and administering investments

DefinitionSafeguarding and administering investments (commonly known as 'custody') is a regulated activity under article 40 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO).Safeguarding and administering investments consists of both of the following:•safeguarding of assets belonging to another, and•the administration of those assets.Arranging custody (for one or more other persons to carry on that activity) is also a regulated activity in its own right under SI 2001/544, art 40.The activity relates to assets which are designated investments (ie securities or contractually-based investments).Administering an investment would include, for example, crediting income arising out of an investment to the beneficiary's account; however, it is important that discretion is not exercised in the carrying out of the activities, otherwise the actions will fall within another regulated activity (that of advising on investments, or managing investments), and separate permission will be required. Safeguarding an investment is holding it in safe custody, eg looking after a share certificate.The Client Assets SourcebookThe Client Assets Sourcebook (CASS) section of the Financial...

UCITS V [Archived]

UCITS V [Archived] The UCITS framework The UCITS Directive is a detailed, harmonised framework for investment funds that can be sold to retail investors throughout the EU. This means that funds authorised in one Member State can be marketed in another Member State using a passporting mechanism. Originally introduced in 1985 under the first UCITS Directive (EC) 85/11(UCITS Directive), the UCITS rules have been revised several times, most recently via the UCITS V Directive 2014/91/EU (UCITS V) which came into force on 18 March 2016. UCITS V aims to bring the UCITS regime into line with the Alternative Fund Managers Directive 2011/61/EU AIFMD (AIFMD) on remuneration and depositary rules and introduce a range of corresponding measures: it clarifies the depositary role, introduces rules on remuneration policies to be applied to key members of the UCITS management company’s staff and harmonises minimum administrative sanctions for infringements to the UCITS rules. The AIFMD applies to managers of funds that are not UCITS, including hedge funds, private equity...

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Special administration—witness statement in support of application for special administration

Special administration—witness statement in support of application for special administration Applicant [NAME OF WITNESS] First Witness Statement Date: [] Exhibit [XX1] Court Reference No: [INSERT COURT REF. NUMBER] [ IN THE HIGH COURT OF JUSTICE] BUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES] [IN [INSERT LOCATION]] [COMPANY & INSOLVENCY LIST (ChD)] OR [IN THE COUNTY COURT AT [INSERT LOCATION]] [BUSINESS AND PROPERTY COURTS LIST] OR [IN THE HIGH COURT OF JUSTICE] [CHANCERY DIVISION] [INSERT LOCATION] [DISTRICT REGISTRY] OR IN THE MATTER OF [INVESTMENT BANK NAME] AND IN THE MATTER OF THE INVESTMENT BANK SPECIAL ADMINISTRATION REGULATIONS 2011 AND IN THE MATTER OF THE INSOLVENCY ACT 1986 _________________________________________ WITNESS STATEMENT OF [WITNESS NAME] ___________________________________________ I, [witness name], director [and chairperson] of [investment bank name] of [investment bank address] WILL SAY AS FOLLOWS: 1 I am [a director and] [the chairperson] of [investment bank address] with company number [company number] (the Company). The Company is a wholly-owned subsidiary of [insert details], a company incorporated in...

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Financial Services weekly highlights—23 November 2023

This week's edition of Financial Services weekly highlights includes: Autumn Statement 2023—key Financial Services announcements; FCA says ‘further work required’ by AFMs to embed guiding principles for ESG funds; FCA reviews its approach to secondary brokers; PRA consults on proposals for funded reinsurance arrangements; and the European Parliament’s Committee on Economic and Monetary Affairs publishes two reports on digital payments proposals, plus dates for your diary over the coming week.

Trust structures holding UK real estate—reporting requirements under the Trust Registration Service (TRS) and Register of Overseas Entities (ROE)

Private Client analysis: Piers Master, partner, and Jack Carter, associate, at Charles Russell Speechlys LLP discuss the interaction of the registration and reporting requirements under the Trust Registration Service (TRS), Register of Overseas Entities (ROE) and the Persons with Significant Control (PSC) regimes as well as commenting on the Levelling-up and Regeneration Bill.

View the latest UK Parliament Acts documents on Safeguarding and administering investments

Financial Services and Markets Act 2000 (2000 c 8)

Financial Services and Markets Act 20002000 CHAPTER 8An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes.[14th June 2000]BE IT ENACTED by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—Part I . . .1 . . .. . .2 . . .. . .3 . . .[3A . . .]4 . . .5 . . .6 . . .[. . .][6A . . .]. . .7 . . .. . .8 . . .9 . . .10 . . .11 . . .. . .12 . . .13 . . .. . .14 . . .15 . . .16 . . .17 . . .18 . . .[Part 1A The Regulators][Chapter 1 The Financial Conduct Authority][The Financial Conduct Authority][1A The Financial Conduct Authority][The FCA's general duties][1B The FCA's general duties][1C The consumer protection objective][1D The integrity objective][1E The competition objective][Interpretation of terms used in relation to FCA's general duties][1F Meaning of “relevant markets” in strategic objective][1G Meaning of “consumer”][1H Further interpretative provisions for sections 1B to 1G][1I Meaning of “the UK financial system”][Modifications applying if core activity not regulated by PRA][1IA Modifications applying if core activity not regulated by PRA][Power to amend objectives][1J Power to amend objectives][Recommendations][1JA Recommendations by Treasury in...