GEN 2.10.2

A Person who is not an Authorised Firm or an Authorised Market Institution does not Manage Assets if:

(a) he is a Person formally appointed in writing by the owner of the assets to manage the assets in question; and
(b) all day-to-day decisions relating to the Investments which are included in those assets are taken by an Authorised Firm or a Regulated Financial Institution.

Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]