Section 339C PRA-authorised persons to which this section appliesF1

(1)

This section applies to a PRA-authorised person which—

(a)

is a UK institution,

(b)

meets condition A or B,

(c)

is not an insurer or a credit union, and

(d)

is, in the opinion of the PRA, important to the stability of the UK financial system.

(2)

Condition A is that the person has permission under Part 4A to carry on the regulated activity of accepting deposits.

(3)

Condition B is that—

(a)

the person is an investment firm that has permission under Part 4A to carry on the regulated activity of dealing in investments as principal, and

(b)

when carried on by the person, that activity is a PRA-regulated activity.

(4)

In this section—

(a)

“UK institution” means an institution which is incorporated in, or formed under the law of any part of, the United Kingdom;

(b)

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

(c)

“credit union” means a credit union as defined by section 31 of the Credit Unions Act 1979 or a credit union as defined by Article 2(2) of the Credit Unions (Northern Ireland) Order 1985.

(5)

Subsections (2), (3) and (4)(b) are to be read in accordance with Schedule 2, taken together with any order under section 22.