(1) The parent undertaking of a qualifying authorised person or recognised UK investment exchange is for the purposes of this Part a "qualifying parent undertaking" if the following conditions are satisfied in relation to it.
(2) Condition A is that the parent undertaking is a body corporate which -
(a) is incorporated in the United Kingdom, or
(b) has a place of business in the United Kingdom.
(3) Condition B is that the parent undertaking is not itself an authorised person, a recognised investment exchange, a recognised clearing house or a recognised CSD.
(4) Condition C is that the parent undertaking is a financial institution of a kind prescribed by the Treasury by order.
(5) "Recognised UK investment exchange" means a recognised investment exchange that is not an overseas investment exchange as defined in section 313(1).
(6) The Treasury may by order -
(a) amend subsection (4) by omitting the words "a financial institution", and
(b) make any amendment of subsection (2) t
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