Part 34Overseas companies
Other requirements
1050Accounts and reports: credit or financial institutions
1
This section applies to a credit or financial institution—
a
that is incorporated or otherwise formed outside the United Kingdom and Gibraltar,
b
whose head office is outside the United Kingdom and Gibraltar, and
c
that has a branch in the United Kingdom.
2
In subsection (1) “branch” means a place of business that forms a legally dependent part of the institution and conducts directly all or some of the operations inherent in its business.
3
The Secretary of State may make provision by regulations requiring an institution to which this section applies—
a
to prepare the like accounts and directors' report, and
b
to cause to be prepared such an auditor’s report,
as would be required if the institution were a company formed and registered under this Act.
4
The regulations may for this purpose apply, with or without modifications, all or any of the provisions of—
Part 15 (accounts and reports), and
Part 16 (audit).
5
The Secretary of State may make provision by regulations requiring an institution to which this section applies to deliver to the registrar copies of—
a
accounts and reports prepared in accordance with the regulations, or
b
accounts and reports that it is required to prepare and have audited under the law of the country in which the institution has its head office.
6
Regulations under this section are subject to negative resolution procedure.