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Annex D Prudential - Investment, Insurance Intermediation and Banking Business Module (PIB)

This Annex set out the proposed amendments to VER1/09-04 of the PIB module. In this Annex, underlining indicates new text and striking through indicates deleted text.

PIB Part 2 Authorized Firms

PIB 1 General Requirements

PIB 1.3 Categories of Authorised Firms

PIB Category 4

PIB 1.3.4

An Authorised Firm:

(a) whose Licence authorises it to carry on one or more of the Financial Services of Arranging Credit or Deals in Investments, Advising on Financial Products or Credit, Arranging Custody, Insurance Broking or Insurance Management or Operating an Alternative Trading; and
(b) does not meet the criteria of Categories 1, 2, 3 or 5;
is in Category 4.

Table 1 - Categorisation of Authorised Firms

Category 1 Category 2 Category 3 Category 4 Category 5
Accepting Deposits   Islamic Financial Institution Entire business conducted in accordance with Shari'a and Manages a Profit Sharing Investment Account
Providing Credit  
Dealing in Investments as Principal Dealing in Investments as Principal  
Dealing in Investments as Agent Dealing in Investments as Agent Dealing in Investments as Agent  
Operating a Collective Investment Fund Operating a Collective Investment Fund Operating a Collective Investment Fund  
Managing Assets Managing Assets Managing Assets  
Providing Custody Providing Custody Providing Custody  
Arranging Credit or Deals in Investments Arranging Credit or Deals in Investments Arranging Credit or Deals in Investments Arranging Credit or Deals in Investments
Advising on Financial Products or Credit Advising on Financial Products or Credit Advising on Financial Products or Credit Advising on Financial Products or Credit
Arranging Custody Arranging Custody Arranging Custody Arranging Custody
Insurance Broking Insurance Broking Insurance Broking Insurance Broking
Insurance Management Insurance Management Insurance Management Insurance Management
Operating an Alternative Trading System Operating an Alternative Trading System Operating an Alternative Trading System Operating an Alternative Trading System
Managing a Profit Sharing Investment Account Managing a Profit Sharing Investment Account Managing a Profit Sharing Investment Account x

Notes:

The Financial Services described in the emboldened boxes are the determinants for the prudential Category. The activities set out in the boxes in the table are Financial Services (see GEN chapter 2). The Financial Services that an Authorised Firm is authorised to carry on are specified on its Licence.