Section 10(2)

In these Regulations, “financial institution” means— an undertaking, including a money service business, other than an institution referred to in paragraph (3), when the undertaking carries out one or more listed activity; an authorised person (within the meaning of section 31 of FSMA), who has permission under Part 4A of FSMA to carry out or effect contracts of insurance, when carrying out or effecting any contract of long-term insurance other than a reinsurance contract (an “insurance undertaking”); a person (other than a person falling within one of the exclusions to the definition of “investment firm” in article 3(1) of the Regulated Activities Order), whose regular occupation or business is the provision to other persons of an investment service or the performance of an investment activity on a professional basis, when— providing investment services or performing investment activities (within the meaning of that article); or bidding directly in auctions in accordance with the emission allowance auctioning regulation or the UK auctioning regulations on behalf of its clients; a person falling within paragraph 1(k) of Part 1 of Schedule 3 to the Regulated Activities Order, when bidding directly in auctions in accordance with the emission allowance auctioning regulation or the UK auctioning regulations on behalf of clients of the person's main business; a collective investment undertaking, when marketing or otherwise offering its units or shares; an insurance intermediary as defined in article 33B(4) of the Regulated Activities Order, when it acts in respect of contracts of long-term insurance; a branch located in the United Kingdom of a person referred to in sub-paragraphs (a) to (f) (or an equivalent person whose head office is located in a third country), wherever the person's head office is located, when carrying out any activity mentioned in sub-paragraphs (a) to (f); the National Savings Bank; the Director of Savings, when money is raised under the auspices of the Director under the National Loans Act 1968 .

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