responsible UK parent
209(for the purposes of the group capital test) an undertaking (“A”) in relation to which all of the following conditions are satisfied:
- (1) A is a GCT parent undertaking;
- (2) A is part of an investment firm group;
- (3) A is the parent undertaking of one or both of the following;
- (a) an undertaking established in a third country (“B”); or
- (b) an undertaking incorporated in, or with its principal place of business in, the UK (“C”);
- (4) where (3)(a) applies, B:
- (a) is a parent undertaking; and
- (b) would be a relevant financial undertaking if B were established in the UK;
- (5) where (3)(b) applies, C:
- (a) is a relevant financial undertaking;
- (b) is a parent undertaking; and
- (c) is not a GCT parent undertaking;
- (6) A does not have a subsidiary that:
- (a) is a GCT parent undertaking; and
- (b) is a parent undertaking of:
- (i) where (3)(a) applies, B; and
- (ii) where (3)(b) applies, C.