B

Branch (General)
There is no definition of the term “branch”. It is a concept of Community law whose meaning is ultimately to be determined by the European Court of Justice. There is some European case law which would support the view that a branch is a place of business, which has the appearance of permanency, such as an extension of the parent body, has a management and is materially equipped to negotiate business with third parties, without resource to the parent body, the head office of which is abroad. However, there are certain provisions of Community law that have “branch” specifically defined for the purposes of that particular piece of legislation (see below definitions).

Branch (Insurance/Reinsurance Intermediary - IMD)
‘Branch’ means a place of business other than the head office which is a part of an insurance/reinsurance intermediary, which has no legal personality and which provides insurance/reinsurance mediation services; all the places of business set up in the same Member State by an insurance/reinsurance intermediary with headquarters in another Member State shall be regarded as a single branch.

Branch (MIFID)
‘Branch’ means a place of business other than the head office which is a part of an investment firm, which has no legal personality and which provides investment services and/or activities and which may also perform ancillary services for which the investment firm has been authorised; all the places of business set up in the same member state by an investment firm with headquarters in another member state shall be regarded as a single branch.

Building Society
Building Society means a building society incorporated or deemed by section 124(2) to be incorporated under the Building Societies Act 1989.