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 M1, 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 F1... to carry on the regulated activity of accepting deposits M2.

(3)

Condition B is that—

(a)

the non-UK institution is an investment firm M3;

(b)

it has permission under Part 4A of the Act F2... to carry on the regulated activity of dealing in investments as principal M4; and

(c)

when carried on by it, that activity is a PRA-regulated activity M5.

(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 M6.

Annotations

Textual amendments

F1: Words in art. 2(2) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 193 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)
F2: Words in art. 2(3)(b) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 193 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)

Marginal citations

M1: S.I. 2015/492.
M2: “regulated activity” is defined in section 22 of the Financial Services and Markets Act 2000 (the “Act”).
M3: “investment firm” is defined in section 424A of the Act. Section 424A was inserted by S.I. 2006/2975.
M4: The activity of dealing in investments as principal is specified in article 14 of S.I. 2001/544.
M5: “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.
M6: The activity of effecting and carrying out contracts of insurance as principal is specified in article 10 of S.I. 2001/544.