Before revision: In the UK, these two permissions are the local implementation of MiFID regulation, referred to as "Dealing in investments as URL for brokerage services, and "Dealing in investments as URL and "Managing URL for the asset management side of the proposition.
After revision: In the UK, these two permissions are the local implementation of MiFID regulation, referred to as "Dealing in investments as agent" for brokerage services, and "Dealing in investments as principal" and "Managing Investments" for the asset management side of the proposition.