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PRU 1.1.1

(1) Subject to (2), these Rules apply to every Authorised Person where its Financial Services Permission authorises it to carry on one or more of the Regulated Activities listed in 1.3.1(a), 1.3.2(a), 1.3.3(1)(a), 1.3.4(a), 1.3.5(a), 1.3.6(a) or 1.3.7(a).
(2) In respect of a Fund Manager that:
(a) manages only Venture Capital Funds; or
(b)    (i) manages only Venture Capital Funds; and
(ii) undertakes one or both of the Regulated Activities of Advising on Investments or Credit and Arranging Deals in Investments where those activities are restricted to co-investments in assets in which a Venture Capital Fund managed by the Authorised Person has invested or will invest;
only the requirements under Sections 2.3 and 6.12 apply.
(3) These Rules apply to an Authorised Person in accordance with both its status as a Domestic Firm or as a Branch and, secondly, its Category as determined under Section 1.3.
(4) Where a Chapter, Part or Section of these Rules applies to a limited scope of Categories of Authorised Person, the term "Authorised Person" used in those provisions is to be read accordingly.
(5) These Rules apply to the whole business of an Authorised Person except in relation to Client Assets and Insurance Money that are held or controlled by an Authorised Person which are not included in any prudential calculation.