relevant authorised person

148has the meaning in section 71A of the Act ('relevant authorised person’) which, in summary, is an institution that meets the following conditions:

1. (a) it is incorporated in, or formed under the law of any part of, the United Kingdom;
2. (b) it does not have permission for effecting contracts of insurance or carrying out contracts of insurance; and
3. (c) it meets one of the following conditions:
   1. (1) its Part 4A permission includes accepting deposits; or
   2. (2) it meets all the following conditions:
      1. (A) the institution is an investment firm; and
      2. (B) its Part 4A permission covers dealing in investments as principal; and
      3. (C) when carried on by it, that activity is a PRA-regulated activity.