• Chapter 10 Chapter 10 Managing Assets

    • The activity

      • 56. Managing Assets

        Managing on a discretionary basis assets belonging to another person is a specified kind of activity if the assets include any Financial Instrument or rights under a Contract of Long-Term Insurance, not being a contract of reinsurance.

    • Exclusions

      • 57. Attorneys

        (1) A person does not carry on an activity of the kind specified by paragraph 56 if —
        (a) he is a person appointed to manage the assets in question under a power of attorney; and
        (b) all routine or day-to-day decisions, so far as relating to investments of a kind mentioned in paragraph 56, are taken on behalf of that person by —
        (i) an Authorised Person with permission to carry on activities of the kind specified by paragraph 56;
        (ii) a person who is an Exempt Person in relation to activities of that kind; or
        (iii) a Non-Abu Dhabi Global Market Person.

      • 58. Other exclusions

        Paragraph 56 is also subject to the exclusions in paragraphs 74 (Trustees etc.) 76 (Sale of goods and supply of services), 77 (Groups and Joint Enterprises), 81 (Provision of information on an incidental basis) and 82 (Insolvency Practitioners).