Credit and financial institutions to which the Bank Branches Directive (89/117/EEC) applies.699A

1

This section applies to any credit or financial institution—

a

which is incorporated or otherwise formed outside the United Kingdom and Gibraltar,

b

whose head office is outside the United Kingdom and Gibraltar, and

c

which has a branch in Great Britain.

2

Schedule 21C (delivery of accounts and reports) shall have effect in relation to any institution to which this section applies.

3

In this section—

• “branch”, in relation to a credit or financial institution, means a place of business which forms a legally dependent part of the institution and which conducts directly all or some of the operations inherent in its business;

• “credit institution” means a credit institution as defined in article 1 of the First Council Directive on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions (77/780/EEC), that is to say an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account;

• “financial institution”means a financial institution within the meaning of Article 1 of the Council Directive on the obligations of branches established in a Member State of credit and financial institutions having their head offices outside that Member State regarding the publication of annual accounting documents (the Bank Branches Directive, 89/117/EEC); and

• “undertaking” has the same meaning as in Part VII.

Scope of sections 700 to 703.669B

Sections 700 to 703 shall not apply to any institution to which section 699A applies.