The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025
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Change 1
7 Interpretation of Part 4
(1) In this Part— “RAO” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; “regulated activity” has the same meaning as in section 22 of FSMA 2000 (regulated activities); “relevant client” means any person resident or established in the United Kingdom that meets the criteria in Annex 5 Section V paragraph A.1, 2 or 3 of the Agreement; “relevant financial instrument” means any of the financial services instruments listed in Annex 5 Section VI paragraph A of the Agreement; “relevant service” means any of the services listed in Annex 5 Section III paragraph A.a. and b of the Agreement; “UK branch” means a place of business in the United Kingdom that forms a legally dependent part of the person and conducts directly all or some of the operations inherent in its business. (2) For the purposes of the definition of “relevant client” in paragraph (1)— (a) a person is “resident in the United Kingdom” if that person is normally resident in the United Kingdom, and (b) a person is “established in the United Kingdom” if that person— (i) is incorporated or formed under the law of a part of the United Kingdom, (ii) has its registered office or head office in the United Kingdom, or (iii) has a UK branch.
7 Interpretation of Part 4
(1) In this Part— “RAO” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; “regulated activity” has the same meaning as in section 22 of FSMA 2000 (regulated activities); “relevant client” means any person resident or established in the United Kingdom that meets the criteria in Annex 5 Section V paragraph A.1, 2 or 3 of the Agreement; “relevant financial instrument” means any of the financial services instruments listed in Annex 5 Section VI paragraph A of the Agreement; “relevant service” means any of the services listed in Annex 5 Section III paragraph A.a. and b of the Agreement; “UK branch” means a place of business in the United Kingdom that forms a legally dependent part of the person and conducts directly all or some of the operations inherent in its business. (2) For the purposes of the definition of “relevant client” in paragraph (1)— (a) a person is “resident in the United Kingdom” if that person is normally resident in the United Kingdom, and (b) a person is “established in the United Kingdom” if that person— (i) is incorporated or formed under the law of a part of the United Kingdom, (ii) has its registered office or head office in the United Kingdom, or (iii) has a UK branch.
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