Part XXIX Interpretation

C1C2425AF1Consumers: regulated activities etc carried on by authorised persons

1

This section has effect for the purposes of the provisions of this Act which apply this section.

2

“Consumers” means persons who—

a

use, have used or may use any of the services within subsection (3); F3...

b

have relevant rights or interests in relation to any of those services F2; or

c

whose rights, interests or obligations are affected by the level of a regulated benchmark.

3

The services within this subsection are services provided by—

a

authorised persons in carrying on regulated activities;

b

authorised persons who are investment firms, or credit institutions, in providing relevant ancillary services; or

c

persons acting as appointed representatives.

4

A person (“P”) has a “relevant right or interest” in relation to any services within subsection (3) if P has a right or interest—

a

which is derived from, or is otherwise attributable to, the use of the services by others; or

b

which may be adversely affected by the use of the services by persons acting on P's behalf or in a fiduciary capacity in relation to P.

5

If a person is providing a service within subsection (3) as a trustee, the persons who are, have been or may be beneficiaries of the trust are to be treated as persons who use, have used or may use the service.

6

A person who deals with another person (“A”) in the course of A providing a service within subsection (3) is to be treated as using the service.

7

In this section—

  • “credit institution” means—

    1. a

      a credit institution authorised under the F5capital requirements directive; or

    2. b

      an institution which would satisfy the requirements for authorisation as a credit institution under that directive if it had its registered office (or if does not have one, its head office) in an EEA State;

  • F4“regulated benchmark” means a benchmark, as defined in section 22(6) F6or (6A), in relation to which any provision made under section 22(1A)(b) F7or (c) has effect.

  • “relevant ancillary service” means any service of a kind mentioned in Section B of Annex I to the markets in financial instruments directive the provision of which does not involve the carrying on of a regulated activity.