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means a person in relation to whom the FCA or the PRA has given its approval under section 59 of FSMA (Approval for particular arrangements) for the performance of a controlled function.
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This term is defined externally, please refer to:
s417(1) FSMA
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has the meaning given in regulation 2(1) of The Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005 (2005/1998).