• a local authority or public authority;
• a body corporate whose shares have been listed or admitted to trading on any EEA exchange;
• a body corporate whose shares have been listed or admitted to trading on the primary board of any IOSCO member country official exchange;
• a body corporate (including a limited liability partnership) which has (or any of whose holding companies or subsidiaries has) (or has had at any time during the previous two years) called up share capital or net assets of at least £5 million (or its equivalent in any other currency at the relevant time);
• a special purchase vehicle;
• a partnership or unincorporated association which has (or has had at any time during the previous two years) net assets of at least £5 million (or its equivalent in any other currency at the relevant time) and calculated in the case of a limited partnership without deducting loans owing to any of the partners;
• a trustee of a trust (other than an occupational pension scheme, SSAS or stakeholder pension scheme) which has (or has had at any time during the previous two years) assets of at least £10 million (or its equivalent in any other currency at the relevant time) calculated by aggregating the value of the cash and designated investments forming part of the trust's assets, but before deducting its liabilities;
• a trustee of an occupational pension scheme, SSAS or stakeholder pension scheme where the trust has (or has had at any time during the previous two years);
  -at least 50 members; and
  -assets under management of at least £10 million (or its equivalent in any other currency at the relevant time);
• another firm, or an overseas financial services institution, when, in relation to designated investment business, or related ancillary activities, conducted with or for that firm or institution, that firm or institution is an intermediate customer;
• an unregulated collective investment scheme;

A body corporate whose sole purpose (either generally or when acting in a particular capacity) is to carry out one or more of the following functions:

• issuing designated investments, other than life policies;
• redeeming or terminating or repurchasing (whether with a view to re-issue or to cancellation) an issue (in whole or part) of designated investments, other than life policies;
• entering into transactions or terminating transactions involving designated investments in connection with the issue, redemption, termination or re-purchase of designated investments, other than life policies;

Subject to the special purpose vehicle having been:

• explicitly established for the purpose of securitising assets; and
• assessed by a rating agency