Section 81AA(10)

For the purposes of subsections (3)(a) and (b), (4), (5) and (8)— references in section 7 to the bank are to be read— in the case of subsections (3)(a) and (b), (4) and (5), as references to the banking group company, and in the case of subsection (8), as references to the banking group company or the parent institution (as the case may be), and section 7(5C)(a) is to be ignored in determining whether Condition 1 in that section is met in relation to the banking group company where that company is not a UK authorised person.

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Source: legislation.gov.uk · retrieved 2026-09-04