27.—(1) The reputable intermediary condition is met with respect to a participant on the distribution date if conditions A to C are met.
(2) Condition A is that the interest distribution is paid on behalf of the participant to a company.
(3) Condition B is that the legal owner has reasonable grounds for believing that the participant is not ordinarily resident in the United Kingdom.
(4) Condition C is that the company mentioned in paragraph (2)—
(a)is subject to the EC Money Laundering Directive,
(b)is subject to equivalent non-EC provisions, or
(c)is a company which—
(i)is resident in a regulating country or territory, and
(ii)is an associated company of a company which is subject to paragraph (a) or (b).