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(1)In this Chapter “alternative finance arrangements” means arrangements falling within section 47 or 49.
(2)In this Chapter “financial institution” means—
(a)a bank as defined by section 840A of ICTA,
(b)a building society within the meaning of the Building Societies Act 1986 (c. 53),
(c)a wholly-owned subsidiary of a bank within paragraph (a) or a building society within paragraph (b),
(d)a person authorised by a licence under Part 3 of the Consumer Credit Act 1974 (c. 39) to carry on a consumer credit business or consumer hire business within the meaning of that Act, or
(e)a person authorised in a jurisdiction outside the United Kingdom to receive deposits or other repayable funds from the public and to grant credits for its own account.
(3)For the purposes of subsection (2)(c) a company is a wholly-owned subsidiary of a bank or building society (“the parent”) if it has no members except the parent and the parent’s wholly-owned subsidiaries or persons acting on behalf of the parent or the parent’s wholly-owned subsidiaries.
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