33Meaning of “relevant authorised person”
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.”