78(1) “ Relevant foreign bank ” means an entity which— U.K.
(a)is a non-UK resident entity,
(b) is an authorised person for the purposes of FISMA 2000 (see section 31 of that Act),
(c)is an entity which carries on a trade in the United Kingdom through a permanent establishment in the United Kingdom and—
(i)whose activities include the relevant regulated activity described in the provision mentioned in paragraph 79(a), or
(ii)which is [F1an investment bank,] whose activities consist wholly or mainly of any of the relevant regulated activities described in the provisions mentioned in paragraph 79(b) to (f),
(d)carries on that relevant regulated activity, or those relevant regulated activities, wholly or mainly in the course of that trade,
(e)meets the capital resources condition, and
(f)is not an excluded entity.
(2)“Relevant foreign bank” also includes an entity which—
(a)meets the conditions in sub-paragraph (1)(a) and (f), and
(b)is a member of a partnership which meets the conditions in paragraph 80(1)(b) to (e).
Textual Amendments
F1Words in Sch. 19 para. 78(1)(c)(ii) substituted (1.1.2014 retrospective) by Finance (No. 2) Act 2015 (c. 33), s. 20(6)(8)