ABSTRACT
An ‘investment business firm’ under the IIA 1995 means any firm carrying on either or both of (i) the provision of investment advice and (ii) the supply of one or more investment
business services (including discretionary portfolio management), in each case to third parties on a professional basis. Subject to certain exceptions, authorisation under the IIA 1995 is required in order for a firm to act as, or claim or hold itself out to be, an investment business firm.
