(1) This section applies to a credit or financial institution -
(a) that is incorporated or otherwise formed outside the United Kingdom and Gibraltar,
(b) whose head office is outside the United Kingdom and Gibraltar, and
(c) that has a branch in the United Kingdom.
(2) In subsection (1) "branch" means a place of business that forms a legally dependent part of the institution and conducts directly all or some of the operations inherent in its business.
(3) The Secretary of State may make provision by regulations requiring an institution to which this section applies -
(a) to prepare the like accounts and strategic report and directors' report, and
(b) to cause to be prepared such an auditor's report,
as would be required if the institution were a company formed and registered under this Act.
(4) The regulations may for this purpose apply, with or without modifications, all or any of the provisions of -
Part 15 (accounts and reports), and
Part 16 (audit).
(5) The Secretary of State may
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