CIPR 5.1.2 Definitions

(1) In these rules:
investment advice means the activity of giving, or agreeing to give, advice to a customer on the merits of:
(a) buying, selling, subscribing for or underwriting a relevant investment; or

Note Relevant investment is defined in this subrule.
(b) exercising a right conferred by a relevant investment to acquire, dispose of, underwrite or convert a relevant investment.
investment business means any of the following:
(a) arranging deals in relevant investments (that is, the regulated activity of arranging deals in investments, if the specified product to which the activity relates is a relevant investment);
(b) dealing in relevant investments (that is, the regulated activity of dealing in investments if the specified product to which the activity relates is a relevant investment);
(c) dealing in relevant investments (that is, the regulated activity of dealing in investments, if the specified product to which the activity relates is a relevant investment), if limited to dealing as agent;
(d) advising on relevant investments (that is, the regulated activity of advising on investments, if the specified product to which the activity relates is a relevant investment);
(e) managing relevant investments (that is, the regulated activity of managing investments, if the specified product to which the activity relates is a relevant investment);
(f) providing custody services;
(g) arranging the provision of custody services;
(h) operating collective investment schemes.
investment intermediary means an authorised firm that provides arrangement, advisory or intermediation services in relation to relevant investments.
investment manager means an authorised firm that is engaged in:
(a) the activity of managing, or agreeing to manage, relevant investments belonging to a customer (if the investments may consist of or include particular investments at the firm's discretion); or
(b) the activity of offering or agreeing to manage relevant investments.
investment mediation business means the business of conducting any 1 or more of the following:
(a) dealing in relevant investments (if limited to dealing as agent);

Note Dealing in investments as principal is covered by BANK or IBANK, as applicable. Dealing in investments includes buying, selling, subscribing for or underwriting investments.
(b) managing relevant investments;
(c) providing custody services;
(d) operating a collective investment scheme;
(e) providing custody services in relation to a collective investment scheme;
(f) providing scheme administration (within the meaning given by the Collective Investment Schemes Rules 2010) to a collective investment scheme;
(g) arranging deals in relevant investments;
(h) arranging the provision of custody services;
(i) arranging financing facilities;
(j) advising on relevant investments.
managing investments is the activity of managing, or agreeing to manage, assets belonging to another person if:
(a) the assets consist of or include relevant investments or long term insurance contracts; and
(b) subject to compliance with Shari'a in the case of Islamic investments, the assets may consist of or include relevant investments or long term insurance contracts at the discretion of the person managing or agreeing to manage them.
packaged investment product means:
(a) an investment where, regardless of its legal form, the amount repayable to the investor is subject to fluctuations because of exposure to reference values or to the performance of 1 or more assets that are not directly purchased by the investor; or
(b) an insurance-based investment product that offers a maturity or surrender value that is wholly or partly exposed, directly or indirectly, to market fluctuations.

Guidance

A structured note, or a bespoke investment product, may fall within the definition of packaged investment product, depending on how it is structured.
relevant investment means an investment in any of the following:
(a) shares;
(b) debt instruments;
(c) warrants;
(d) securities receipts;
(e) units in collective investment schemes;
(f) options;
(g) futures;
(h) contracts for differences;
(i) rights in investments;
(j) packaged investment products;
(k) Islamic investments;
(l) investments that are a hybrid of, or blend of, 2 or more other relevant investments.
security means any of the following:
(a) a share;
(b) a debt instrument;
(c) a warrant;
(d) a securities receipt;
(e) a unit in a collective investment scheme.
specified product: the following are specified products:
(a) shares;
(b) debt instruments;
(c) credit facilities;
(d) warrants;
(e) securities receipts;
(f) units in collective investment schemes;
(g) options;
(h) futures;
(i) contracts for differences;
(j) contracts of insurance;
(k) deposits;
(l) rights in investments.
(2) In subrule (1):
collective investment scheme: see the Collective Investment Schemes Rules 2010, rule 1.2.1.
contract for differences means the specified product described in FSR, Schedule 3, Part 3, paragraph 9.
credit facility means the specified product described in FSR, Schedule 3, Part 3, paragraph 3.
debt instrument means the specified product described in FSR, Schedule 3, Part 3, paragraph 2.
deposit: see rule 7.1.2.
future means the specified product described in FSR, Schedule 3, Part 3, paragraph 8.
Islamic investment has the same meaning as in the Investment Management and Advisory Rules 2014.

Note See those Rules, rule 1.1.3A (2).
option means the specified product described in FSR, Schedule 3, Part 3, paragraph 7.
rights in investments means the specified product described in FSR, Schedule 3, Part 3, paragraph 12.
securities receipt means the specified product described in FSR, Schedule 3, Part 3, paragraph 5.
share means the specified product described in FSR, Schedule 3, Part 3, paragraph 1.
unit in a collective investment scheme: see the Collective Investment Schemes Rules 2010, rule 1.2.4.
warrant means the specified product described in FSR, Schedule 3, Part 3, paragraph 4.
Derived from QFCRA RM/2019-2 (as from 1st January 2020).