Section 1050 | Accounts and reports: credit or financial institutions

(1)This section applies to a credit or financial institution—

(a)that is incorporated or otherwise formed outside the United Kingdom and Gibraltar,

(b)whose head office is outside the United Kingdom and Gibraltar, and

(c)that has a branch in the United Kingdom.

(2)In subsection (1) “branch” means a place of business that forms a legally dependent part of the institution and conducts directly all or some of the operations inherent in its business.

(3)The Secretary of State may make provision by regulations requiring an institution to which this section applies—

(a)to prepare the like accountsand strategic report and directors' report, and^F1

(b)to cause to be prepared such an auditor's report,

as would be required if the institution were a company formed and registered under this Act.

(4)The regulations may for this purpose apply, with or without modifications, all or any of the provisions of—

Part 15 (accounts and reports), and

Part 16 (audit).

(5)The Secretary of State may make provision by regulations requiring an institution to which this section applies to deliver to the registrar copies of—

(a)accounts and reports prepared in accordance with the regulations, or

(b)accounts and reports that it is required to prepare and have audited under the law of the country in which the institution has its head office.

(6)Regulations under this section are subject to negative resolution procedure.