Glossary

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31/12/2020

The changes to this defined term are effective from 23:00 on 31/12/2020.

means

(1) (in relation to a credit institution) a place of business which forms a legally dependent part of a credit institution and which carries out directly all or some of the transactions inherent in the business of credit institutions.

(2) (in relation to an investment firm) a place of business which:

(a) is not the firm’s head office; 

(b) is part of the firm

(c) has no legal personality; and

(d) provides investment services and/or activities; and 

(e) may also perform ancillary services for which the investment firm has permission under Part 4A of FSMA.

(3) (in relation to an insurance undertaking) any permanent presence of the insurance undertaking in the UK which:

(a) is managed by the insurance undertaking's own staff; or

(b) is an agency of the insurance undertaking; or

(c) is managed by a person who is independent of the insurance undertaking, but has permanent authority to act for the insurance undertaking as an agency would.

(4) (in relation to an IDD insurance intermediary) a place of business which is a part of an IDD insurance intermediary, not being the principal place of business, which has no separate legal personality and which provides insurance distribution for which the IDD insurance intermediary has been registered.

(5) (in relation to an IDD reinsurance intermediary) a place of business which is a part of an IDD reinsurance intermediary, not being the principal place of business, which has no separate legal personality and which provides reinsurance distribution for which the IDD reinsurance intermediary has been registered.