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 than41 £541 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 the104 FCA or PRA (as the case may be)104 as part of an application for a104 Part 4A permission 104 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.

In respect of an incoming EEA firm or third country BIPRU firm that is also a standard ILAS BIPRU firm and which reports on the basis of its branch operation in the United Kingdom, if the balance sheet assets attributable to the UK branch can be determined from the firm's most recent annual report and accounts (or, if applicable, the projected balance sheet) or any data item submitted by the firm, then37 paragraphs (b) and (c) apply at the level of the branch rather than of the firm.37