(1) The PRA may designate a person ("P") for the purposes of article 2(d) if -

(a) the condition in paragraph (2) is met in relation to P; and

(b) [deleted]

(c) having regard to the objectives of the PRA and to the matters mentioned in paragraph (4), the PRA considers that it is desirable that the activity of dealing in investments as principal, when carried on by P, should be a PRA-regulated activity.

(2) The condition in this paragraph is that P -

(a) is an authorised person with permission to carry on the activity of dealing in investments as principal; or

(b) is a person who has applied for Part 4A permission to carry on that activity;

(c) [deleted]

(3) [deleted]

(4) The matters specified in this paragraph are -

(a) the assets of P;

(b) where P is a member of a group -

(i) the assets of the members of that group who satisfy the condition in paragraph (2) (regardless of whether they have been designated under this article);

(ii) whether a person who has been designated under this article is a member of P's group;