698 Requirements for discharge of foreign institution's duties
698(1) The requirements about the discharge of an institution's duties which are referred to in section 697(1) (one of which may be imposed in the case of certain foreign managers) are requirements A, B and C.
698(2) Requirement A is that–
(a)a person is currently appointed by the institution to be responsible for securing the discharge of the duties,
(b)that person either–
(i)is an individual who is a UK resident, or
(ii)is not an individual and has a business establishment in the United Kingdom, and
(c)the institution has notified the Commissioners for Her Majesty's Revenue and Customs of that person's identity and appointment.