Direction

To:
(the “firm”)

Date:

Handbook Version as in force at the date of this Direction

Power

1.
This direction is given by the FCA under section 138A of the Act.

Duration

2.
(1) This direction takes effect on [Date].

(2) This direction ends on the earlier of 31 January 2015 or on the change of the
Glossary definition of funds under management that is used in IPRU(INV) 11.

3.
The FCA directs that the rule listed below applies to the firm with the modification
shown.

Rules
Modification

The meaning of funds under management is replaced with
the following meaning:

“funds managed by the firm, calculated as the sum of the
absolute value of all assets of all funds managed by the firm,
including assets acquired through use of leverage, whereby
derivative instruments shall be valued at their market value.
This includes funds where the firm has delegated the
management function but excludes funds that it is managing
as a delegate.”

Interpretation

4.
Interpretative provisions (including definitions) of the Handbook apply to this
direction in the same way as they apply to the Handbook.

Waivers Team
Authorisations Division
Financial Conduct Authority