Chapter 10 Chapter 10 Managing Assets
56. Managing Assets
Managing on a discretionary basis assets belonging to another person is a specified kind of activity if the assets include any Financial Instrument or rights under a Contract of Long-Term Insurance, not being a contract of reinsurance.
57. Attorneys(1) A person does not carry on an activity of the kind specified by paragraph 56 if —(a) he is a person appointed to manage the assets in question under a power of attorney; and(b) all routine or day-to-day decisions, so far as relating to investments of a kind mentioned in paragraph 56, are taken on behalf of that person by —(i) an Authorised Person with permission to carry on activities of the kind specified by paragraph 56;(ii) a person who is an Exempt Person in relation to activities of that kind; or(iii) a Non-Abu Dhabi Global Market Person.