The parent undertaking of a qualifying authorised person or recognised UK investment exchange is for the purposes of this Part a "qualifying parent undertaking" if the following conditions are satisfied in relation to it.
Condition A is that the parent undertaking is a body corporate which—
is incorporated in the United Kingdom, or
has a place of business in the United Kingdom.
Condition B is that the parent undertaking is not itself an authorised person, a recognised investment exchange , a recognised clearing house or a recognised CSD.
Condition C is that the parent undertaking is a financial institution of a kind prescribed by the Treasury by order.
"Recognised UK investment exchange" means a recognised investment exchange that is not an overseas investment exchange as defined in section 313(1).
The Treasury may by order—
amend subsection (4) by omitting the words "a financial institution", and
make any amendment of subsection (2) that they consider desirable in connection with an amendment made under paragraph (a).