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