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) a person which is a third country insurance or reinsurance undertaking (as defined by regulation 2(1) of the Solvency 2 Regulations 2015 [S.I. 2015/575.], as those regulations have been amended under the European Union (Withdrawal) Act 2018) where the undertaking is transferring risk to a transformer vehicle, provided that the assumption of risk by that vehicle is a specified k
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