LFMC/RFMC regulations
Is an LFMC or RFMC allowed to execute transactions based on customer instructions (execution only)?
A fund management company (LFMC or RFMC) that deals in any capital markets products based on customer instructions given to the FMC on an unsolicited basis is considered to be dealing in capital markets products. Consequently, the fund management company's capital markets services ("CMS") licence must include the regulated activity of dealing in capital markets products.