Professional & Financial Services

Investment firm and trading venue rules

If you deal in investments as agent, hold client money or assets, or operate a trading venue, your rules sit on top of the duties every regulated firm shares: the dealing permission, best execution when executing client orders, the CASS client money and custody rules, the IFPR prudential regime with its remuneration code, and — for venues — MTF and OTF authorisation or recognised investment exchange status and transaction reporting.

UK-wide
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UK-wide

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This guide covers securities dealing and market infrastructure, on top of the shared duties in run a regulated financial services firm. Everything here applies UK-wide.

Dealing in investments as agent

Executing client orders in investments is a regulated activity needing its own permission, with the conduct-of-business rules that follow it.

Protect client money and assets

Holding client money or custody assets brings the CASS rules: segregation, reconciliation, records and the client money distribution regime.

Meet the IFPR prudential regime

FCA investment firms follow the Investment Firms Prudential Regime — own funds and liquidity requirements scaled to your activities, the internal capital adequacy and risk assessment process, and the MIFIDPRU remuneration code. (UK AIFMs and UCITS managers follow their own prudential and remuneration rules — see fund and asset management rules.)

Operate a trading venue lawfully

Running a multilateral or organised trading facility needs venue authorisation; operating as an exchange needs recognised investment exchange status. Dealers executing client orders owe best execution; venue operators and dealers alike carry transaction reporting obligations.

Next steps

Make sure the shared duties in run a regulated financial services firm are in place, then confirm everything with the financial intermediary compliance checklist.