BVV regulations are still the same than how you probably remember them. The only thing is that it is now clear that these regulations apply for the full ammount of the investment foundation (but not the individual polic):
SR 831.441.1 - Verordnung vom 18. April 1984 übe… | Fedlex (admin.ch)
The question on asset limits is mainly what could reasonably be argued to still be adequately diversified.
With regard to the point of managing things, I would refer to article 48f that clearly states that they manage the wealth (so its no brokerage service but wealth management):
SR 831.441.1 - Verordnung vom 18. April 1984 übe… | Fedlex (admin.ch)
In my view, FP is clearly non-compliant here.