119.Subsection (1) of this section makes it clear that, in deciding whether to approve an application for permission, the Authority may also have regard to other relevant persons who are related to the applicant in some way.  What constitutes a relevant relationship is not defined, but is left to the Authority to interpret in the particular circumstances of the case.
120.The Authority is obliged undersubsection (2) to consult with the home State regulator of an EEA firm before granting an application from a person who is a subsidiary undertaking of that firm or the subsidiary undertaking of a parent undertaking of that firm.
Commentary on Sections Part Iv: Permission to Carry on Regulated Activities Section 49: Persons connected with an applicant