Search Legislation

Financial Services (Banking Reform) Act 2013

Status:

This is the original version (as it was originally enacted).

33Meaning of “relevant authorised person”

This section has no associated Explanatory Notes

In Part 5 of FSMA 2000 (performance of regulated activities), after section 71 insert—

“Relevant authorised person”
71AMeaning of “relevant authorised person”

(1)In this Part “relevant authorised person” means a UK institution which—

(a)meets condition A or B, and

(b)is not an insurer.

(2)Condition A is that the institution has permission under Part 4A to carry on the regulated activity of accepting deposits.

(3)Condition B is that—

(a)the institution is an investment firm,

(b)it has permission under Part 4A to carry on the regulated activity of dealing in investments as principal, and

(c)when carried on by it, that activity is a PRA-regulated activity.

(4)The Treasury may by order provide that authorised persons falling within any of the following descriptions are “relevant authorised persons” for the purposes of this Part—

(a)non-UK institutions (or non-UK institutions of a specified description) that are credit institutions;

(b)non-UK institutions that are investment firms of a specified description.

“Specified” means specified in the order.

(5)If the Treasury propose to make an order under subsection (4) they must consult—

(a)the FCA,

(b)the PRA,

(c)any organisations that appear to them to be representative of interests substantially affected by the proposals, and

(d)any other persons that they consider appropriate.

(6)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)“non-UK institution” means an institution that is not a UK institution;

(c)“credit institution” means any credit institution as defined in Article 4.1(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council;

(d)“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.

(7)Subsections (2), (3) and (6)(d) are to be read in accordance with Schedule 2, taken with any order under section 22.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Show Explanatory Notes for Sections: Displays relevant parts of the explanatory notes interweaved within the legislation content.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources