Status: You are viewing the version of the handbook as on 2009-03-31.

branch

      1. 47(a) (in relation to a credit institution):
        1. (i) a place of business which forms a legally dependent part of a credit institution and which carries out directly all or some of the transactions inherent in the business of credit institutions;
        1. (ii) for the purposes of the Banking Consolidation Directive, any number of places of business set up in the same EEA State by a credit institution with headquarters in another EEA State are to be regarded as a single branch;
      1. (b) (in relation to an investment firm):
        1. (i) 24a place of business other than the head office which is a part of an investment firm, which has no legal personality and which provides investment services and/or activities and which may also perform ancillary services for which the firm has been authorized;24
        1. (ii) 24all the places of business set up in the same EEA State by an investment firm with headquarters in another EEA State are regarded as a single branch;24
        [Note: article 4(1)(26) of MiFID]24
      1. (c) (in relation to an insurance undertaking) any permanent presence of the insurance undertaking in an EEA State other than that in which it has its head office is to be regarded as a single branch, whether that presence consists of a single office which, or two or more offices each of which:
        1. (i) is managed by the insurance undertaking's own staff; or
        1. (ii) is an agency of the insurance undertaking; or
        1. (iii) is managed by a person who is independent of the insurance undertaking, but has permanent authority to act for the insurance undertaking as an agency would.
      1. (d) (in relation to an IMD insurance intermediary):10
        1. (i) a place of business which is a part of an IMD insurance intermediary, not being the principal place of business, which has no separate legal personality and which provides insurance mediation for which the IMD insurance intermediary has been registered;10
        1. (ii) for the purposes of the Insurance Mediation Directive, all the places of business set up in the same EEA State by an IMD insurance intermediary with headquarters in another EEA State are to be regarded as a single branch.10
      1. (e) (in relation to an IMD reinsurance intermediary):10
        1. (i) a place of business which is a part of an IMD reinsurance intermediary, not being the principal place of business, which has no separate legal personality and which provides reinsurance mediation for which the IMD reinsurance intermediary has been registered;10
        1. (ii) for the purposes of the Insurance Mediation Directive, all the places of business set up in the same EEA State by an IMD reinsurance intermediary with headquarters in another EEA State are to be regarded as a single branch.10
      1. (f) (in relation to an EEA UCITS management company):
        1. (i) a place of business which is a part of an EEA UCITS management company, which has no separate legal personality and which provides the services for which the EEA UCITS management company has been authorised;
        1. (ii) for the purposes of the UCITS Directive, all the places of business set up in the same EEA State by an EEA UCITS management company with headquarters in another EEA State are to be regarded as a single branch.