This section applies to an authorised person whose relevant office is in the United Kingdom if—
A contract is a "relevant contract" if it satisfies conditions A to C.
Condition A is that the contract permits or requires the person mentioned in subsection (1)(a) (the "agent") to carry on investment services business.
Condition B is that the FCA is satisfied that no such business is, or is likely to be, carried on by the agent in the United Kingdom.
Condition C is that the business is of a description that, if carried on in the United Kingdom, would be prescribed for the purposes of section 39(1)(a)(i).
An authorised person to whom this section applies who—
is to be taken for the purposes of this Act to have contravened a requirement imposed on him by or under this Act.
The "applicable requirements" are the requirements prescribed for the purposes of subsection (1)(a)(ii) of section 39 which have effect in the case of a person to whom subsection (1A) of that section applies.
Section 39(7) applies for the purposes of this section.
In this section—
...
"relevant office" means—
(a)in relation to a body corporate, its registered office or, if it has no registered office, its head office, and
(b)in relation to a person other than a body corporate, the person's head office.