European Economic Area investment portfolio manager meaning

An eea investment portfolio manager is an EEA-based investment firm that provides discretionary portfolio management and is (or was) authorised to carry on that regulated activity in the UK or Ireland. United Kingdom: Historically grounded in FSMA 2000, the term covered an EEA firm within paragraphs 5(a)–(c) of Schedule 3 (certain credit and financial institutions) that qualified under paragraph 12(1) or 12(2) and held permission to manage portfolios. Following the end of EEA passporting on 31 December 2020, Schedule 3 routes no longer apply. An EEA firm may now manage portfolios in the UK only if it holds a UK Part 4A permission from the FCA/PRA, is within the Temporary Permissions Regime or Financial Services Contracts Regime, or relies on a specific exemption (for example, the overseas persons exclusion). In UK practice the expression is therefore largely legacy/descriptive. Ireland: The term remains current under MiFID II. It refers to an EEA investment firm authorised for the portfolio management activity and operating in Ireland by services or branch passport, supervised by the Central Bank of Ireland. Use and significance: Common in regulatory disclosures, client mandates and outsourcing agreements to confirm who may lawfully manage client portfolios and the applicable authorisation or passporting status....