What is the position where ancillary functions have been conducted pursuant to a previous Manager or Administrator permit?
The Commission will apply the same approach as previously under the CIF regime. For example, where an entity is registered to act as fund manager, it will be able to apply to add other classes of FSB to its registration where the activity requested is, or may be, inherent in its current role. Acting as manager might also involve performing distribution, administration and so on. Each case will be considered on its merits and will depend on the circumstances of each licence holder. Prior to formally granting a FSB registration certificate, the Commission will discuss with the registered person whether other classes of business are to be included on its certificate.
