Section 58(7)

In this regulation— “designated person” has the same meaning as it has in Chapter 1 Part 3 (Finance); “frozen account” means an account with a relevant institution which is held or controlled (directly or indirectly) by a designated person; “relevant institution” means a person that has permission under Part 4A of the Financial Services and Markets Act 2000 (permission to carry on regulated activity).

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