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UK relevant authorised person

    65has 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;
      1. (b) it does not have permission for effecting contracts of insurance or carrying out contracts of insurance; and
      1. (c) it meets one of the following conditions:
        1. (i) its Part 4A permission includes accepting deposits; or
        1. (ii) it meets all the following conditions:
          1. (A) the institution is an investment firm;
          1. (B) its Part 4A permission covers dealing in investments as principal; and
          1. (C) when carried on by it, that activity is a PRA-regulated activity.