Paragraph 49

(1)

A permitted participant must not—

(a)

be a party to a regulated transaction to which any of the other parties is not an authorised participant,

(b)

derive a benefit in consequence of a connected transaction if any of the parties to that transaction is not an authorised participant.

(2)

In this Part, an authorised participant is a person who is a permissible donor.

(3)

In relation to transactions entered into by a permitted participant other than a designated organisation, references in this Part to an authorised participant do not include a registered party.