# Finance Act 2011, Paragraph 78

Extent: E+W+S+N.I.

(1) “ Relevant foreign bank ” means an entity which—
(a) is a non-UK resident entity,
(b) is an authorised person for the purposes of FISMA 2000 (see section 31 of that Act),
(c) is an entity which carries on a trade in the United Kingdom through a permanent establishment in the United Kingdom and—
(i) whose activities include the relevant regulated activity described in the provision mentioned in paragraph 79(a), or
(ii) which is an investment bank, whose activities consist wholly or mainly of any of the relevant regulated activities described in the provisions mentioned in paragraph 79(b) to (f),
(d) carries on that relevant regulated activity, or those relevant regulated activities, wholly or mainly in the course of that trade,
(e) meets the capital resources condition, and
(f) is not an excluded entity.
(2) “Relevant foreign bank” also includes an entity which—
(a) meets the conditions in sub-paragraph (1)(a) and (f), and
(b) is a member of a partnership which meets the conditions in paragraph 80(1)(b) to (e).

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Source: https://www.legislation.gov.uk/ukpga/2011/11/schedule/19/paragraph/78 (the official version)
Page: https://openlegislation.uk/finance-act-2011/schedule-19/paragraph-78
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.