s 22A “Regulated person” and “regulated group”
(1) A person is a “ regulated person ” for the purposes of this Part if the Secretary of State is satisfied that— (a) the person carries on, or proposes to carry on, an activity, and (b) a qualifying regulator has a relevant function which is, or would be, exercisable in relation to the person in respect of the activity. (2) A group of persons is a “ regulated group ” for the purposes of this Part if the Secretary of State is satisfied that— (a) a member of the group carries on, or proposes to carry on, an activity, and (b) a qualifying regulator has a relevant function which is, or would be, exercisable in relation to the member in respect of the activity.