As a result prohibited services should include (though need not be limited to):
a) any service which is not provided to customers within the European Economic
Area;
b) any service which results in an exposure to a non-ring-fenced bank or a non-bank
financial organisation,6 except those associated with the provision of payments
services where the regulator has deemed this appropriate;7
c) any service which would result in a trading book asset;
d) any service which would result in a requirement to hold regulatory capital against
market risk; 8
e) the purchase or origination of derivatives or other contracts which would result in
a requirement to hold regulatory capital against counterparty credit risk; and
f ) services relating to secondary markets activity including the purchase of loans or
securities.