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