low frequency liquidity reporting firm

36any of the following:

1. (a) a simplified ILAS BIPRU firm; or
2. (b) a standard ILAS BIPRU firm whose most recent annual report and accounts show balance sheet assets of less than £1 billion (or its equivalent in foreign currency translated into sterling at the balance sheet date); or
3. (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;
   2. (ii) it has submitted a projected balance sheet to the FSA as part of an application for a Part IV permission or a variation of one; and
   3. (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