"Dear CEO" letters categorise firms under the CRD The FSA outlines the various classifications for firms governed by Basel II.

The Financial Services Authority (FSA) sent letters to management companies dealing with Undertakings for the Collective Investment of Transferable Securities (UCITS) and advisers and arrangers who hold client money subject to the Markets in Financial Instruments Directive (Mifid).

UCITS investment firms will be subject to CRD requirements under their Mifid-related business. The FSA is planning to look at the firms¹ ³Part IV² permission and base the classification on what a firm could do if it

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