(1) A G-SII must be -

(a) a person with permission to carry on a regulated activity for the purposes of Part 4A of FSMA; or

(b) a person established in the United Kingdom.

(2) A G-SII must also be -

(a) a group, the parent undertaking of which is -

(i) a UK parent institution,

(ii) a UK parent financial holding company, or

(iii) a UK parent mixed financial holding company, or

(b) an institution authorised in the United Kingdom which is not a subsidiary of a body mentioned in sub-paragraph (a)(i) to (iii).