(1) For the purposes of Part 5 of the Act and for the purposes of the Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) Order 2015 [S.I. 2015/492.], a non-UK institution is a relevant authorised person if it -

(a) meets condition A or B;

(b) has a branch in the United Kingdom; and

(c) is not an insurer.

(2) Condition A is that the non-UK institution is a credit institution which has permission under Part 4A of the Act to carry on the regulated activity of accepting deposits [''regulated activity'' is defined in section 22 of the Financial Services and Markets Act 2000 (the ''Act'').].

(3) Condition B is that -

(a) the non-UK institution is an investment firm [''investment firm'' is defined in section 424A of the Act. Section 424A was inserted by S.I. 2006/2975.];