Section 417(1)

In this Act and in any order or regulations made under this Act— “AIF” has the meaning given in regulation 3 of the Alternative Investment Fund Managers Regulations 2013; “appointed representative” has the meaning given in section 39(2 ); “auditors and actuaries rules” means rules made under section 340; “authorisation offence” has the meaning given in section 23(2); “authorised open-ended investment company” has the meaning given in section 237(3); “authorised person” has the meaning given in section 31(2); “Bank of England” is to be read in accordance with section 2A(4) to (6); ... “body corporate” includes a body corporate constituted under the law of a country or territory outside the United Kingdom; “capital requirements directive” means Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC , as it had effect immediately before IP completion day. “capital requirements regulation” means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 , as it forms part of assimilated law. “central securities depository” means a CSD or third-country CSD as defined in Article 2(1) of the CSD regulation; “chief executive”— in relation to a body corporate whose principal place of business is within the United Kingdom, means an employee of that body who, alone or jointly with one or more others, is responsible under the immediate authority of the directors, for the conduct of the whole of the business of that body; and in relation to a body corporate whose principal place of business is outside the United Kingdom, means the person who, alone or jointly with one or more others, is responsible for the conduct of its business within the United Kingdom; “claim”, in relation to the Financial Services Compensation Scheme under Part XV, is to be construed in accordance with section 214(1B); “collective investment scheme” has the meaning given in section 235; “the Commission” means the European Commission ...; “the compensation scheme” has the meaning given in section 213(2); “control of information rules” has the meaning given in section 137P; “core activities” has the meaning given in section 142B; “core services” has the meaning given in section 142C; “credit-related regulated activity” has the meaning given in section 23(1B); “credit institution” means an undertaking the business of which is to take deposits or other repayable funds from the public and to grant credits for its own account; “CRR rules” has the meaning given in section 144A; “cryptoasset” means any cryptographically secured digital representation of value or contractual rights that— can be transferred, stored or traded electronically, and that uses technology supporting the recording or storage of data (which may include distributed ledger technology). “the CSD regulation” means Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories , as it forms part of assimilated law; “the data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act); “designated activity” has the meaning given in section 71K; “director”, in relation to a body corporate, includes— a person occupying in relation to it the position of a director (by whatever name called); and a person in accordance with whose directions or instructions (not being advice given in a professional capacity) the directors of that body are accustomed to act; “documents” includes information recorded in any form and, in relation to information recorded otherwise than in legible form, references to its production include references to producing a copy of the information in legible form , or in a form from which it can readily be produced in visible and legible form; ... ... ... “ESMA” means the European Securities and Markets Authority established by Regulation ( EU ) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority); “the EU Benchmarks Regulation 2016” means Regulation EU 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 , as it forms part of assimilated law; “excluded activities” has the meaning given in section 142D; “exempt person”, in relation to a regulated activity, means a person who is exempt from the general prohibition in relation to that activity as a result of an exemption order made under section 38(1) or as a result of section 39(1) or ... 285; “the FCA” means the Financial Conduct Authority; “financial promotion rules” means rules made under section 137R; “Financial Stability Objective” means the objective set out in section 2A of the Bank of England Act 1998; “friendly society” means an incorporated or registered friendly society; “full-scope UKAIFM” has the meaning given in regulation 2(1) of the Alternative Investment Fund Managers Regulations 2013; “general prohibition” has the meaning given in section 19(2); “general rules”— in relation to the FCA, has the meaning given in section 137A(2), and in relation to the PRA, has the meaning given in section 137G(2); “Gibraltar-based person” has the meaning given in paragraph 1 of Schedule 2A (read with Part 14 of that Schedule); “incorporated friendly society” means a society incorporated under the Friendly Societies Act 1992; ... ... “insurance undertaking” means— an undertaking which is authorised by or under this Act to carry on the regulated activity of effecting or carrying out contracts of insurance as principal, or the association of underwriters known as Lloyd’s; “investment services and activities” means any of the services and activities listed in Part 3 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544), relating to any of the instruments listed in Part 1 of that Schedule; ... “market abuse regulation” means Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC, as it forms part of assimilated law; “markets in financial instruments regulation” means Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2004 on markets in financial instruments, as it forms part of assimilated law; ... “Minister of the Crown” has the same meaning as in the Ministers of the Crown Act 1975; “MMF Regulation” means Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds , as it forms part of assimilated law; ... ... ... ... “the ombudsman scheme” has the meaning given in section 225(3); “open-ended investment company” has the meaning given in section 236; “Part 4A permission” has the meaning given in section 55A(5); “Part 9C prohibition order” has the meaning given in section 143S; “Part 9C rules” has the meaning given in section 143F; “Part 18 prohibition order” has the meaning given in section 309B; “partnership” includes a partnership constituted under the law of a country or territory outside the United Kingdom; “the Payment Systems Regulator” means the body established under section 40(1) of the Financial Services (Banking Reform) Act 2013; “the PRA” means the Prudential Regulation Authority; “PRA-authorised person” has the meaning given in section 2B(5); “PRA-regulated activity” has the meaning given in section 22A; “prescribed” (where not otherwise defined) means prescribed in regulations made by the Treasury; “price stabilising rules” means rules made under section 137Q; “principal” in relation to an appointed representative, is to be read in accordance with section 39; “private company” has the same meaning as in the Companies Acts (see section 4 of the Companies Act 2006); “prohibition order” (except in the expression “Part 9C prohibition order” or “Part 18C prohibition order”) has the meaning given in section 56(2); “qualifying credit institution” means a credit institution which— is a person who— has Part 4A permission to carry on the regulated activity of accepting deposits, or satisfies the conditions for being given permission under Part 4A to carry on that activity, or is a body corporate incorporated in the United Kingdom and would satisfy those conditions— were its head office in the United Kingdom, or if it has a registered office, were its registered office, or its registered office and its head office, in the United Kingdom, is not a friendly society, and is not a society registered as a credit union under— the Co-operative and Community Benefit Societies Act 2014, the Credit Unions (Northern Ireland) Order 1985 (S.I. 1985/1205 (N.I. 12)), or the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 (c. 24 (N.I.)); “recognised CSD”, “recognised clearing house” and “recognised investment exchange” have the meaning given in section 285; “registered friendly society” means a society which is— a friendly society within the meaning of section 7(1)(a) of the Friendly Societies Act 1974; and registered within the meaning of that Act; “registered society” (except where otherwise indicated) means— a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014, or a society registered or deemed to be registered under the Industrial and Provident Societies Act (Northern Ireland) 1969; “regulated activity” has the meaning given in section 22; “regulated claims management activity” means activity of a kind specified in an order under section 22(1B) (regulated activities: claims management services); “regulating provisions” has the meaning given in section 140A; “regulator” has the meaning given in section 3A(2); “reinsurance undertaking” means— an undertaking which is authorised by or under this Act to carry on the regulated activity of effecting or carrying out contracts of insurance that are limited to reinsurance contracts as principal, or the association of underwriters known as Lloyd’s; “relevant designated activity” has the meaning given in section 71T(1); “relevant Part 5A requirement” is to be read in accordance with section 71T(2); “ring-fencing rules” has the meaning given in section 142H; “ring-fenced body” has the meaning given in section 142A; ... ... “rule” means a rule made by the FCA or the PRA under this Act; “rule-making instrument” has the meaning given in section 138G; “Schedule 2A permission” has the meaning given in paragraph 12(4) of Schedule 2A; “Schedule 2B permission” has the meaning given in paragraph 7(6) of Schedule 2B; “the scheme manager” has the meaning given in section 212(1); “the scheme operator” has the meaning given in section 225(2); “scheme particulars rules” has the meaning given in section 248(1); “Seventh Company Law Directive” means the European Council Seventh Company Law Directive of 13 June 1983 on consolidated accounts ( No. 83/349/ EEC); “SFT regulation” means Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012; ... ... “Takeovers Directive” means Directive 2004/25/ EC of the European Parliament and of the Council; ... “threshold conditions”, in relation to a regulated activity, has the meaning given in section 55B(1); ... ... “the Tribunal” means the Upper Tribunal; “trust scheme rules” has the meaning given in section 247(1); “UCITS” has the meaning given in section 236A; “UK authorised person” has the meaning given in section 191G(1); “the UK financial system” has the meaning given in section 1I; and “unit trust scheme” has the meaning given in section 237.

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Source: legislation.gov.uk · retrieved 2026-09-04