low frequency liquidity reporting firm

36any of the following:

1. (a) a simplified ILAS BIPRU firm; or
1. (b) a standard ILAS BIPRU firm whose most recent annual report and accounts show balance sheet assets of less than £1 billion (or its equivalent in foreign currency translated into sterling at the balance sheet date); or
1. (c) a standard ILAS BIPRU firm that meets the following conditions:
   1. (i) it does not have any annual report and accounts and it has been too recently established to be required to have produced any;
   1. (ii) it has submitted a projected balance sheet to the FSA as part of an application for a Part IV permission or a variation of one; and
   1. (iii) the most recent such balance sheet shows that the firm will meet the size condition set out in (b) in all periods covered by those projections.

Paragraphs (b) and (c) apply at the level of the firm rather than of the branch in the case of any firm reporting on the basis of the activities of its branch operation in the United Kingdom.