Glossary

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Term Definition Legal instruments

branch

01/10/2018

means

(1) (in relation to a credit institution):

(a) a place of business which forms a legally dependent part of a credit institution and which carries out directly all or some of the transactions inherent in the business of credit institutions;

(b) for the purposes of the CRD and in accordance with Article 38 of the CRD, any number of places of business set up in the same EEA State by a credit institution with headquarters in another EEA State are to be regarded as a single branch.

(2) (in relation to an investment firm) has the meaning given in Article 4(1)(30) of MiFID II.

(3) (in relation to an insurance undertaking) any permanent presence of the insurance undertaking in an EEA State other than that in which it has its head office is to be regarded as a single branch, whether that presence consists of a single office which, or two or more offices each of which:

(a) is managed by the insurance undertaking's own staff; or

(b) is an agency of the insurance undertaking; or

(c) is managed by a person who is independent of the insurance undertaking, but has permanent authority to act for the insurance undertaking as an agency would.

(4) (in relation to an IDD insurance intermediary):

(a) a place of business which is a part of an IDD insurance intermediary, not being the principal place of business, which has no separate legal personality and which provides insurance distribution for which the IDD insurance intermediary has been registered;

(b) for the purposes of the Insurance Distribution Directive, all the places of business set up in the same EEA State by an IDD insurance intermediary with headquarters in another EEA State are to be regarded as a single branch.

(5) (in relation to an IDD reinsurance intermediary):

(a) a place of business which is a part of an IDD reinsurance intermediary, not being the principal place of business, which has no separate legal personality and which provides reinsurance distribution for which the IDD reinsurance intermediary has been registered;

(b) for the purposes of the Insurance Distribution Directive, all the places of business set up in the same EEA State by an IDD reinsurance intermediary with headquarters in another EEA State are to be regarded as a single branch.