31A.—In this Part—

“ancillary services” has the same meaning as it has in the Markets in Financial Instruments Directive;

“associated company”, in relation to the holder of a Class 1 authorisation, means a company in respect of which—

(a) not less than 20 per cent of the nominal value of the company’s equity share capital is held by the company, or

(b) not less than 20 per cent of shares carrying voting rights (other than voting rights that arise only in particular circumstances) are so held;

“Class 1 authorisation” means an authorisation granted under the SSM Regulation on the application therefor under section 31C;

“Class 1 business” means business consisting of carrying out an activity referred to in paragraph 3 or 6 of Part 1 of Schedule 1 to the Regulations of 2017;

“Class 1 firm” means an undertaking (other than a commodity and emission allowance dealer, a collective investment undertaking or an insurance undertaking) which satisfies point (b)(i), (ii) or (iii) of the definition of “credit institution” in Article 4(1) of the Capital Requirements Regulation;

“collective investment undertaking” has the same meaning as it has in the Capital Requirements Regulation;

“client” means a person to whom a Class 1 firm, whose Class 1 authorisation has been withdrawn, provided all or any of the following prior to such withdrawal:

(a) investment services and activities;

(b) ancillary services;

(c) Class 1 business;“commodity and emission allowance dealer” has the same meaning as it has in the Capital Requirements Regulation;

“credit institution” has the same meaning as it has in the Capital Requirements Regulation;

“investment services and activities” has the same meaning as it has in the Markets in Financial Instruments Directive;

“insurance undertaking” has the same meaning as it has in the Capital Requirements Regulation;

“related body”, in relation to the holder of a Class 1 authorisation, means—

(a) a subsidiary company of that holder,

(b) if that holder is itself a subsidiary—

(i) its holding company, or

(ii) any other subsidiary of its holding company,

(c) an associated company of that holder, or

(d) a partnership in which that holder has an interest, and whose business is or, at any relevant time, was in the Bank’s opinion materially relevant to an inspection being carried out, or proposed to be carried out, under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013. ]