Exception

(1) A financial holding company shall not be required where a local licensee or proposed local licensee is, or is about to become, a member of a related group, and– (a) those members of the related group are directly controlled by a foreign bank, foreign financial institution or foreign holding body corporate described in sub-section (2); and 75 (b) the local licensee or proposed local licensee is, or will be, directly controlled by the same foreign bank, foreign financial institution or foreign holding body corporate. (2) Sub-section (1) shall apply where the foreign bank, foreign financial institution or foreign holding body corporate– (a) is subject to regulation and supervision acceptable to the Central Bank; and (b) is not affiliated directly or indirectly with any entity that carries on any business other than an activity permitted to a member of a financial group, except for its link through common ownership by the person who controls it directly or indirectly.