(1) In this group of sections "investment bank" means an institution which satisfies the following conditions.
(2) Condition 1 is that the institution has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on the regulated activity of -
(a) safeguarding and administering investments,
(aa) managing an AIF or a UCITS,
(ab) acting as trustee or depositary of an AIF or a UCITS,
(b) dealing in investments as principal, or
(c) dealing in investments as agent.
(2A) Subsection (2) must be read with section 22 of the Financial Services and Markets Act 2000, taken with Schedule 2 to that Act and any order under section 22 [See the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544), as amended by S.I. 2013/1773 (for the activity of managing an AIF or a UCITS see articles 51ZA and 51ZC, and for the activity of acting as trustee or depositary of an AIF or a UCITS see articles 51ZB and 51ZD).].
(3) Condition 2 is that the instituti
…