49(1)A permitted participant must not—S
(a)be a party to a regulated transaction to which any of the other parties is not an authorised participant,
(b)derive a benefit in consequence of a connected transaction if any of the parties to that transaction is not an authorised participant.
(2)In this Part, an authorised participant is a person who is a permissible donor.
(3)In relation to transactions entered into by a permitted participant other than a designated organisation, references in this Part to an authorised participant do not include a registered party.