In Part 5 of FSMA 2000 (performance of regulated activities), after section 71 insert -
71A Meaning of "relevant authorised person"
(1) In this Part "relevant authorised person" means a UK institution which -
(a) meets condition A or B, and
(b) is not an insurer.
(2) Condition A is that the institution has permission under Part 4A to carry on the regulated activity of accepting deposits.
(3) Condition B is that -
(a) the institution is an investment firm,
(b) it has permission under Part 4A to carry on the regulated activity of dealing in investments as principal, and
(c) when carried on by it, that activity is a PRA-regulated activity.
(4) The Treasury may by order provide that authorised persons falling within any of the following descriptions are "relevant authorised persons" for the purposes of this Part -
(a) non-UK institutions (or non-UK institutions of a specified description) that are credit institutions;
(b) non-UK institutions that are inve