(1) This section has effect for the interpretation of sections 9 and 10.
(2) A person engages in "proprietary trading" where the person trades in commodities or financial instruments as principal.
(3) In subsection (2) -
(a) "commodity" includes any produce of agriculture, forestry or fisheries, or any mineral, either in its natural state or having undergone only such processes as are necessary or customary to prepare the produce or mineral for the market;
(b) "financial instrument" includes anything specified in Section C of Annex I to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.
(4) "Relevant authorised person" means a PRA-authorised person which -
(a) is a UK institution,
(b) meets condition A or B, and
(c) is not an insurer.
(5) Condition A is that the UK institution has permission under Part 4A of FSMA 2000 to carry on the regulated activity of accepting deposits.
(6) Condition B is that -
(a) the institutio
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