Innvotec Limited

Limits on what they may do

• Restriction on onboarding new customers and Assets requirement

  1. The Firm must cease, except with the Authority's prior written consent, onboarding new customers. For the avoidance of doubt, this Requirement does not prevent the Firm from continuing to service existing customers. 2. The Firm must not, other than in the ordinary course of business or without the prior written consent of the Authority, in any way dispose of, withdraw, transfer, deal with or diminish the value of any of its own assets (whether in the United Kingdom or elsewhere). 3. The assets requirement does not apply to monetary payments or the disposal of assets made by the Firm in the ordinary course of business. For the purposes of paragraph 2, the Authority considers that the following would be in the ordinary course of business: a. transactions giving effect to instructions initiated by clients of the Firm, other than any clients that are also the Firm’s controllers, members, officers or employees; b. payments of funds to the Firm’s suppliers or other third parties in satisfaction of the Firm’s contractual and/or legal obligations (including but not limited to payments of or on account of professional fees or expenses, including but not limited to legal, compliance and/or other professional fees or expenses of any professionals or consultants appointed by the Firm to advise in connection with its restructuring/wind down or otherwise); c. usual and proper salary payments made by the Firm; and d. the transfer or disposal of any of the Firm’s or its fund’s investment management agreements to any third party, provided that (a) the Firm gives the Authority no less than five working days’ prior written notice of any such transfer or disposal, such notice to include details of the investment management agreements to be transferred or disposed and the details of any counterparty, and (b) the Authority provides its written consent to the Firm for such a disposal. 4. For the purposes of paragraph 2, the Authority considers that the following payments would not be regarded as payments made in the ordinary course of business: a. payments of unusual or significant amounts to the Firm’s controllers, members, officers, employees or any connected persons (which shall include any management or performance fees); b. the making of any capital distribution; and c. the making of any gift or loan by the Firm to any party.

• Corporate finance requirement in relation to the firm’s ‘advising on investments (except P2P agreements)’ regulatory permission.

  The firm may only carry on the regulated activity of advising on investments (except P2P agreements) in connection with its corporate finance business (as such terms are defined in the FCA handbook). Any corporate finance business shall be limited to clients categorised by the firm as professional and eligible counterparty only.