1602. (1) In this Chapter –

"applicable branch" means a branch of a third-country undertaking where, in relation to a financial year –

(a) the branch is located in the State and generated a net turnover of more than €40 million in the preceding financial year,

(b) the third-country undertaking at its group level or, if not applicable, the individual level, generated a net turnover of more than €150 million in the European Union for each of the preceding two consecutive financial years, and

(c) the third-country undertaking –

(i) is either not part of a group F1214[or is a subsidiary whose ultimate parent undertaking is a third-country undertaking], and

(ii) does not have an applicable subsidiary;

F1214[“applicable subsidiary” means a subsidiary undertaking–

(a) that, in relation to a financial year, is an applicable company, and

(b) whose ultimate parent undertaking is a third-country undertaking which, at its group level, generated a net turnover of more than €150 million in the European Union for each of the preceding two consecutive financial years;]

F1215[“ultimate parent undertaking”, in relation to a subsidiary, means the holding undertaking or holding company of the subsidiary that itself is not a subsidiary of a holding company or holding undertaking.]

(2) For the purpose of this Chapter, a reference to a branch or an undertaking shall include a branch or an undertaking, as the case may be, whose legal form is comparable with the types of undertakings listed in Annex I of the Accounting Directive.]