(This note is not part of the Order)

This Order provides that authorised persons falling within either of two categories of non-UK institution are 'relevant authorised persons' for the purposes of Part 5 of the Financial Services and Markets Act 2000 (the ''Act'') and for the purposes of the Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) Order 2015 (which contains transitional and savings provision in connection with the coming into force of the amendments to Part 5 of the Act made by the Financial Services (Banking Reform) Act 2013).

The first category of non-UK institution is those non-UK institutions which are credit institutions that have a branch in the UK, are authorised to accept deposits in the UK and are not insurers.

The second category is those non-UK institutions which are investment firms that have a branch in the UK, are authorised to deal in investments as principal in the UK, are regulated by the Prudential Regulation Authority in relation to that activity and are not insurers.

Article 3 requires the Treasury to review article 2 every five years.