network

      1. (1) (other than in SECN) a firm:
        1. (a) which has five or more appointed representatives (not counting introducer appointed representatives); or
        1. (b) whose appointed representatives, not counting introducer appointed representatives (and being fewer than five) have, between them, 26 or more representatives; but not:
          1. (i) a product provider; or
          1. (ii) a firm which markets the packaged products of a product provider which is in the same group as the firm and which does so other than by selecting products from the whole market; or
          1. (iii) an insurer in relation to a non-investment insurance contract; or
          1. (iv) a mortgage lender.
      1. (2) (in SECN) the larger structure, which is:
        1. (a) aimed at cooperation and to which any person or any other entity, regardless of its legal form, whether established in the United Kingdom or in a third country, that is empowered by applicable law to carry out statutory audits of annual financial statements or consolidated financial statements insofar as required under applicable law, belongs; and
        1. (b) clearly aimed at profit or cost-sharing or shares common ownership, control or management, common quality-control policies and procedures, a common business strategy, the use of a common brand name or a significant part of professional resources.
Glossary Related Taxonomy Legal Instruments