person is incorporated in a jurisdiction outside the QFC;
Regulatory Authority has not, by notice, declared that this definition does not apply to the jurisdiction;
person is regulated as a bank, and principally regulated for prudential purposes, by an overseas regulator in the jurisdiction;
person is required to prepare audited accounts;
(e) the person has minimum assets of US $10 million (or its equivalent in any other currency at the relevant time);
person had surplus revenue over expenditure for the person's last 2 financial years;
person's latest annual audit report is not materially qualified.
|Derived from QFCRA RMI/2008-2 (as from 1st October 2008).|