PRU 1.3.4

An Authorised Person is in Category 3B if:

(a) its Financial Services Permission authorises it to carry on one or more of the Regulated Activities of:
(i) Providing Custody (where it does so for a Fund); or
(ii) Acting as the Trustee of an Investment Trust; and
(b) it does not meet the criteria of Categories 1, 2, 3A or 5.