INTM269160 - Non-residents trading in the UK: through UK investment managers, brokers or Lloyd바카라 사이트™s agents: interaction of the independence test and the 20% rule
All of the five conditions (INTM269060) of the investment manager바카라 사이트™s exemption provisions have to be satisfied before the exemption can apply. The independence test (INTM269080) should be applied completely separately before the application of the 20% rule (INTM269110) in each case.