02.22 – Non-Registering local bank

Non-registering local banks are generally small regulated local banks, credit unions and similar entities that are primarily Depository Institutions; they may operate without a profit.

They must not have a fixed place of business outside of the UK; this does not include a location that is not advertised to the public and from which the Financial Institution performs solely administrative support functions.

Non-registering local banks must have policies and procedures prohibiting the solicitation of customers outside the UK. There is also a limit on the total assets that can be held of $175 million in assets for single entity and ($500 million total for a group of Related Entities).

Any Related Entities of the non-registering local bank must also satisfy these requirements.