(1) In these Regulations, "credit institution" means -
(a) a credit institution as defined in Article 4.1(1) of the capital requirements regulation; or
(b) a branch (as defined by Article 4.1(17) of that regulation) located in the United Kingdom of an institution falling within sub-paragraph (a) (or an equivalent institution whose head office is located in a third country) wherever the institution’s head office is located,
when it accepts deposits or other repayable funds from the public or grants credits for its own account (within the meaning of the capital requirements regulation), or when it bids directly in auctions in accordance with the emission allowance auctioning regulation or the UK auctioning regulations on behalf of its clients.
(2) In these Regulations, "financial institution" means -
(a) an undertaking, including a money service business, other than an institution referred to in paragraph (3), when the undertaking carries out one or more listed activity;
(b) an authori
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