(1) A depositary shall have its registered office in the State or have established a place of business in the State if its registered office is in another Member State.
(2) A depositary shall be -
(a) a credit institution authorised in the State in accordance with the European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014),
(b) a branch, established in the State, of a credit institution authorised in accordance with Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms [O.J. No. L 176, 27.6.2013, p. 338.], or
(c) a company incorporated in the State that -
(i) is wholly owned by, and the liabilities of which are guaranteed by, a credit institution authorised in accordance with Directive 2013/36/EU, provided the depositary is authorised under the Investment Intermediaries Act 1995 and meets the capital requirements
…