Article 3(1)

 Part 1

1. The following persons are excluded from the definition of "investment firm" -

(a) the society incorporated by Lloyd's Act 1871 [1871 c.xxi] known by the name of Lloyd's;

(b) an authorised person with a Part 4A permission to carry on the regulated activity of -

(i) effecting or carrying out contracts of insurance under article 10;

(ii) insurance risk transformation under article 13A;

(iii) managing the underwriting capacity of a Lloyd's syndicate under article 57,

when carrying on those activities (and any other activities permitted by rules made by the FCA or the PRA under the Act);

(ba)[deleted]

(c) a person ("P") providing investment services exclusively for P's parent undertakings, for P's subsidiaries or for other subsidiaries of P's parent undertakings;