F1PART 2Regulatory Enforcement
Introductory
22A“Regulated person” and “regulated group”
(1)
A person is a “regulated person” for the purposes of this Part if the Secretary of State is satisfied that—
(a)
the person carries on, or proposes to carry on, an activity, and
(b)
a qualifying regulator has a relevant function which is, or would be, exercisable in relation to the person in respect of the activity.
(2)
A group of persons is a “regulated group” for the purposes of this Part if the Secretary of State is satisfied that—
(a)
a member of the group carries on, or proposes to carry on, an activity, and
(b)
a qualifying regulator has a relevant function which is, or would be, exercisable in relation to the member in respect of the activity.