7. Notwithstanding paragraph 6, and subject to paragraph 8, the admission agreement must further provide that where the level of risk identified by the assessment is such as to require it, the admission body shall enter into an indemnity or bond in a form approved by the administering authority with—S
(a)a person who has permission under Part 4A of the Financial Services and Markets Act 2000 M1 to accept deposits or to effect and carry out contracts of general insurance;
(b)a firm in an EEA state of the kind mentioned in paragraph 5(b) and (d) of Schedule 3 to that Act M2, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule M3) to accept deposits or to effect and carry out contracts of general insurance; or
(c)a person who does not require permission under that Act to accept deposits, by way of business, in the United Kingdom.
Marginal Citations
M2Paragraph 5(b) of Schedule 3 was amended by S.I. 2006/3221, and paragraph 5(d) of that Schedule was amended by S.I. 2004/3379.
M3There are amendments to paragraphs 12 and 15 of the Schedule which are not relevant to these Regulations.