[55D Firms based outside] [the United Kingdom]

[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

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