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(1) (in LR) (in relation to securitised derivatives) means any payment identified under the terms and conditions of the securitised derivatives.3 23
(2) (except in LR) 31any fee or charge made to:44 23
1. (a) a client in connection with44 designated investment business; or 23
2. (b) a customer in connection with44 any insurance distribution activity 223 in respect of a non-investment insurance contract;23

whether levied by the firm or any other person, including a mark-up or mark-down.23

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