(1) A "relevant non-UK institution" is a non-UK institution which - (a) meets condition A or B; (b) has a branch in the United Kingdom; and (c) is not an insurer.

(2) Condition A is that the non-UK institution is a credit institution which has permission under Part 4A or resulting from Schedule 3 or 4 to carry on the regulated activity of accepting deposits ["regulated activity" is defined in section 22 of the 2000 Act. The activity of accepting deposits is specified in articles 5 to 9AC of S.I. 2001/544.].

(3) Condition B is that -

(a) the non-UK institution is an investment firm;

(b) it has permission under Part 4A or resulting from Schedule 3 or 4 to carry on the regulated activity of dealing in investments as principal [The activity of dealing in investments as principal is specified in article 14 of S.I. 2001/544.]; and