Section 18B(8)

In this regulation— “branch” means, in relation to a person other than an individual, a place of business which forms a legally dependent part of that person and which carries out all or some of the transactions inherent in the business of that person; “investment services” has the same meaning as it has in regulation 16 (dealing with transferable securities or money-market instruments); “relevant entity” means a person, other than an individual, which ... is not a person connected with Russia.

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Source: legislation.gov.uk · retrieved 2026-08-30