Regulation 6

the FRC of the specified person carries out all its activities under the cross‑border arrangement through one or more branches or offices (including its head office) that are established in one or more foreign jurisdictions;

the FRC is subject to regulatory oversight, in respect of any activity that is carried out by the FRC, by a foreign regulatory authority in each of the foreign jurisdictions mentioned in sub‑paragraph (a);

the FRC is subject to AML/CFT requirements of every foreign jurisdiction mentioned in sub‑paragraph (a) that are consistent with the standards set by the FATF and supervised by a foreign regulatory authority in that foreign jurisdiction as to whether the FRC complies with the AML/CFT requirements;

the FRC and every foreign jurisdiction mentioned in sub‑paragraph (a) are not subject to any sanction imposed pursuant to a Resolution of the Security Council of the United Nations; and

every customer of the FRC of the specified person for the specified business —

is an accredited investor, institutional investor or expert investor; and

either —

belongs to a class of persons that the Authority has specified under any condition or restriction imposed under section 88(1) or 99(4) of the Act (as the case may be) as being a class of persons whom the specified person may accept as the specified person’s customers for the specified business; or

does not belong to a class of persons that the Authority has specified under any condition or restriction imposed under section 88(1) or 99(4) of the Act (as the case may be) as being a class of persons whom the specified person may not accept as the specified person’s customers for the specified business.