Activities auxiliary to financial service activities, except insurance and pension funding

While Fund and Wealth Management are Qualifying Activities, general auxiliary activities like brokerage or custody are often classified as Excluded Activities unless they meet the strict definitions in MD 265 of 2023. Forensic scrutiny will focus on the 5% De Minimis threshold for non-qualifying income derived from these auxiliary services.

Audit Red Flag

Revenue leakage from 'Investment Advisory' (Qualifying) into 'Brokerage/Execution' (Excluded) without clear P&L segregation.

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