Article 2 Relevant authorised persons

(1)

For the purposes of Part 5 of the Act and for the purposes of the Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) Order 2015^f1, a non-UK institution is a relevant authorised person if it—

(a)

meets condition A or B;

(b)

has a branch in the United Kingdom; and

(c)

is not an insurer.

(2)

Condition A is that the non-UK institution is a credit institution which has permission under Part 4A of the Act or resulting from Schedule 3 or 4 to the Act to carry on the regulated activity of accepting deposits^f2.

(3)

Condition B is that—

(a)

the non-UK institution is an investment firm^f3;

(b)

it has permission under Part 4A of the Act or resulting from Schedule 3 or 4 to the Act to carry on the regulated activity of dealing in investments as principal^f4; and

(c)

when carried on by it, that activity is a PRA-regulated activity^f5.

(4)

In this article “insurer” means an institution which is authorised under the Act to carry on the regulated activity of effecting or carrying out contracts of insurance as principal^f6.

Annotations

Footnotes

f1: S.I. 2015/492.
f2: “regulated activity” is defined in section 22 of the Financial Services and Markets Act 2000 (the “Act”).
f3: “investment firm” is defined in section 424A of the Act. Section 424A was inserted by S.I. 2006/2975.
f4: The activity of dealing in investments as principal is specified in article 14 of S.I. 2001/544.
f5: “PRA-regulated activity” is defined in section 22A of the Act, inserted by section 9 of the Financial Services Act 2012 (c. 21). The Treasury has specified PRA-regulated activities in S.I. 2013/556.
f6: The activity of effecting and carrying out contracts of insurance as principal is specified in article 10 of S.I. 2001/544.