“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.