Section 269BA | Excluded entities ^F1

(1)For the purposes of section 269B “excluded entity” means any of the following entities—

(a)an insurance company or an insurance special purpose vehicle;

(b)an entity which is a member of a group and does not carry on any relevant regulated activities otherwise than on behalf of an insurance company or insurance special purpose vehicle which is a member of the group;

(c)an entity which does not carry on any relevant regulated activities otherwise than as the manager of a pension scheme;

(d)an investment trust;

(e)an entity which does not carry on any relevant regulated activities other than asset management activities;

(f)Repealed^F2

(fa)a commodity and emission allowance dealer;^F3

(g)an entity which does not carry on any relevant regulated activities otherwise than for the purpose of trading in commodities or commodity derivatives;

(h)an entity which does not carry on any relevant regulated activities otherwise than for the purpose of dealing in contracts for differences—

(i)as principal with persons all or all but an insignificant proportion of whom are retail clients, or

(ii)with another person to enable the entity or other person to deal in contracts for differences as principal with persons all or all but an insignificant proportion of whom are retail clients;

(i)a society incorporated under the Friendly Societies Act 1992;

(j)a society registered as a credit union under the Co-operative and Community Benefit Societies Act 2014 or the Credit Unions (Northern Ireland) Order 1985 (S.I. 1985/1205 (N.I. 12));

(k)a building society.

(1A)For the purposes of section 269B an entity is also an “excluded entity” if—^F4

(a)the entity would fall within a relevant relieving provision but for one (and only one) line of business which it carries on,^F4

(b)that line of business does not involve the relevant regulated activity described in the provision mentioned in section 269BB(a), and^F4

(c)the entity's activities in that line of business would not, on their own, result in it being an FCA investment firm that meets the conditions in section 269B(6B).^F4F5

(1B)For the purposes of subsection (1A) the “relevant relieving provisions” are paragraphs (b), (c), (e), (g) and (h) of subsection (1).^F4

(2)For the meaning of “relevant regulated activity”, see section 269BB.See also section 269BC (which contains definitions of other terms used in this section).