Paragraph 34C F1

for “UK undertaking” substitute “Territory undertaking”;

for “UK statutory or regulatory obligations” substitute “applicable statutory or regulatory obligations in the Territory”;

for the definition of “auditor” substitute—

• ““auditor” means a person appointed, in accordance with a requirement under the law of the Territory, to audit the accounts of a body corporate which is incorporated or constituted under the law of the Territory;”;

for the definition of “credit institution” substitute—

• ““credit institution” means a body incorporated under the law of the Territory, the business of which is to take deposits or other repayable funds from the public and to grant credits for its own account;”

for the definition of “UK subsidiary undertaking” substitute—

• ““Territory subsidiary undertaking” means a subsidiary undertaking that is incorporated or formed under the law of the Territory;”;

for the definition of “UK undertaking” substitute—

• ““Territory undertaking” means an undertaking within the meaning given in section 1161 of the Companies Act 2006 (as it applies in the United Kingdom) that is incorporated or formed under the law of the Territory.”.