s 55D Firms based outside the United Kingdom
(1) This section applies in relation to a person (“the non-UK firm”)— (a) who is a body incorporated in, or formed under the law of, or is an individual who is a national of, any country or territory outside the United Kingdom , and (b) who is carrying on a regulated activity in any country or territory outside the United Kingdom in accordance with the law of that country or territory (“the overseas state”). (2) In determining whether the non-UK firm is satisfying or will satisfy, and continue to satisfy, any one or more of the threshold conditions for which a UK regulator is responsible, the UK regulator may have regard to any opinion notified to it by a regulatory authority in the overseas state (“the overseas regulator”) which relates to the non-UK firm and appears to the UK regulator to be relevant to compliance with those conditions. (3) In considering how much weight (if any) to attach to the opinion, the UK regulator must have regard to the nature and scope of the supervision exercised in relation to the non-UK firm by the overseas regulator. (4) In this section “ UK regulator ” means the FCA or the PRA.