4.2. Application to branches

(1) This Chapter does not apply to a Bank that is licensed to operate as a branch in the AIFC, insofar as this Chapter would require the branch to hold capital.

(2) A branch is required to comply with the reporting requirements under this Chapter. In relation to the branch’s ICAAP, the branch may rely on the ICAAP for the bank of which it is a part (if available), to demonstrate compliance.