Part 3: Banking Section 18: Banking companies: expenses relating to compensation Details of the section Section 133E
New section 133E defines "banking company" for the purposes of new section 133B and new section 133C. The definition applies to all companies wherever located.
	Subsection (1) provides that certain conditions further specified in this section must be met for a company to be a banking company. Conditions A, C and D are applied to all banks. Condition B is applied by subsection (3) to UK companies and permanent establishments, and by subsection (6) to non-UK companies, which are required to hypothecate their non-UK activities into the UK for this purpose.
	Subsection (2) provides Condition A, which is that the company in question is not a banking company if it is an excluded company within the meaning of new section 133F.
	Subsection (3) provides Condition B as it applies to UK companies and permanent establishments, by reference to the UK regulatory framework.
	Subsection (4) provides Condition C, which is that the company's activities must either include deposit-taking, or must wholly or mainly include one of the other relevant regulated activities set out in new section 133G(1).
	Subsection (5) provides Condition D, which is that the entity must carry on its relevant regulated activity or activities wholly or mainly in the course of trade.
	Subsection (6) provides condition B as it applies to non-UK companies. Condition B is deemed to be met for non-UK companies which would meet certain conditions were they carrying on their activities in the UK.
	Subsections (7) and (8) contain further definitional and interpretative provisions.