In this Part -

"ancillary services" has the same meaning as it has in the Markets in Financial Instruments Directive;

"associated company", in relation to the holder of a Class 1 authorisation, means a company in respect of which - (a) not less than 20 per cent of the nominal value of the company’s equity share capital is held by the company, or (b) not less than 20 per cent of shares carrying voting rights (other than voting rights that arise only in particular circumstances) are so held;

"Class 1 authorisation" means an authorisation granted under the SSM Regulation on the application therefor under section 31C;

"Class 1 business" means business consisting of carrying out an activity referred to in paragraph 3 or 6 of Part 1 of Schedule 1 to the Regulations of 2017;