C1 Part V Performance of Regulated Activities
F1 “Relevant authorised person”
S. 71A and cross-heading inserted (25.7.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 33, 148(5); S.I. 2014/1819, art. 2(1)(d)
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.
Pt. V (ss. 56-71) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 128(3)(a) (with art. 23(2))