ADMS Asset Management Limited

Limits on what they may do

• The firm must not, without the prior written consent of the Authority, carry on any activities relating to non-standard assets (other than VCTs, EISs and ITSs).

  Requirement 1 The firm must not, without the prior written consent of the Authority, carry on any activities relating to non-standard assets (other than VCTs, EISs and ITSs). Definitions “the firm” refers to ADMS Asset Management Limited “FCA” refers to the Financial Conduct Authority “Non-Standard Asset” means an asset that does not meet the FCA definition of “Standard Asset”. A “Standard Asset” is one that is capable of being accurately and fairly valued on an ongoing basis and readily realisable within 30 days, whenever required. Valuations should be undertaken in accordance with the generally accepted standards used in the relevant sector of the asset. “VCT” refers to a company which is, or which is seeking to become, approved as a venture capital trust under section 842AA of the Income and Corporation Taxes Act 1988. “EIS” refers to an arrangement, specified in paragraph 2 of the Schedule to the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001 (SI 2001/1062), which is in summary: an arrangement in relation to EIS shares that would have been a collective investment scheme if the scheme arrangements had not provided that: the operator will, so far as practicable, make investments which, subject to each participant's individual circumstances, qualify for relief under Chapter III of Part VII of the Income and Corporation Taxes Act 1988; and (b) the minimum subscription to the arrangements by each participant must be not less than £2,000. “ITS” refers to an Inheritance Tax Scheme which qualifies for Business Relief under the Finance Act 1976. These Requirements shall take immediate effect upon acceptance by the Authority and written communication by the Authority of its acceptance of the Requirements to the firm and remain in force unless and until varied or cancelled by the Authority (either on the application of Insight Wealth Limited or of the Authority’s own volition).