art 2 Meaning of “client assets”
(1) For the purposes of sections 232 to 236 of the Act, “client assets”— (a) includes money, but (b) does not include anything which an institution holds for the purposes of carrying on an insurance mediation activity unless— (i) the activity arises in the course of carrying on an investment activity, or (ii) the institution has elected, in relation to the thing, to comply with rules that would apply in relation to it if the activity were not an insurance mediation activity. (2) In this article, the definitions in section 232(5B) of the Act (inserted by article 3(2)) apply.