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Financial Services (Banking Reform) Act 2013

Section 33: Meaning of “relevant authorised person”

201.Section 33 inserts new section 71A, which defines “relevant authorised person”. Under new section 71A, “relevant authorised person” for the purposes of Part 5 of FSMA includes all deposit-takers, including building societies and credit unions, and those investment firms which are authorised by the PRA. It does not include any insurers which have a deposit-taking permission under FSMA. The term “relevant authorised person” for the purposes of Part 5 is also restricted to institutions that are incorporated in the UK (in the case of bodies corporate such as companies), or formed under the law of any part of the UK (in the case of other classes of institution such as a partnership). However, new section 71A(4) gives the Treasury power by order to extend the definition of “relevant authorised person” to include branches of non-UK credit institutions and investment firms of a specified description. Under section 429 of FSMA, as amended by section 136 of this Act, this power is subject to draft affirmative procedure.

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