approved counterparty

any of the following: 21

1. (a) an approved credit institution; or 21
1. (b) a firm whose permission includes dealing in investments as principal with respect to derivatives which are not listed; or21
1. (c) an ISD investment firm whose authorisation (as referred to in article 3 of the ISD) authorises it to carry on activities of the kind referred to in (b); or 21
1. (d) in respect of a transaction involving a new issue of securities which are to be listed, the issuer or an ISD investment firm acting on behalf of the issuer.21