financial institution
- (1) (in accordance with paragraph 5(c) of Schedule 3 to the Act (EEA Passport Rights: EEA firm) and article 23423(5) of the Banking Consolidation Directive (Definitions)), but not for the purposes of2355161 GENPRU, BIPRU and INSPRU23), an undertaking, other than a credit institution, the principal activity of which is to acquire holdings or to carry on one or more of the listed activities listed in points 2 to 12 and 1555161 of Annex I to the BCD, which is a subsidiary of the kind mentioned in article 232423of the BCD and which fulfils the conditions in 23that article23.9
- (2) for the purposes of2355161 GENPRU, BIPRU and INSPRU23 and in accordance with Articles 231(3) (Scope) and 4(5) (Definitions) 23of the Banking Consolidation Directive) the following23:9
- (a) an undertaking, other than a credit institution, the principal activity of which is to acquire holdings or to carry on one or more of the listed activities listed in points 2 to 12 and 1555161 of Annex I to the Banking Consolidation Directive including the services and activities provided for in Sections A and B of Annex I of the MIFID when referring to the financial instruments provided for in Section C of Annex I of that Directive23; 9
- (b) (for the purposes of consolidated requirements) 23those institutions permanently excluded by 23Article 2 23of the Banking Consolidation Directive (Scope), with the exception of the23central banks of EEA States2355161