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principal

      1. (1) in relation to a person :
        1. (a) a person acting on his own account;
        1. (b) (if the person is an appointed representative or, where applicable, a tied agent) the authorised person who is party to a contract with the appointed representative, or who is responsible for the acts of the tied agent, resulting in him being exempt, or in him carrying on a regulated activity to which sections 20(1) and (1A) and 23(1A) of the Act do not apply,116 under section 39 of the Act (Exemption of appointed representatives).
      1. (2) in relation to an option , future or forward contract:
        1. (a) (except in the case of an option on a future ) the amount of property or the value of the property which must be delivered in order to satisfy settlement of the option , future or forward contract;
        1. (b) (in relation to an option on a future ) the amount of property or the value of the property which must be delivered in order to satisfy settlement of the future .