The MOU is divided into five sections that set out the guidelines agreed to by the Competent Authorities concerning the meaning of the term "investment bank" as used in Art. 11(3)(c)(i). These sections: (i) define an investment bank as any person regularly engaged in activities specified in the MOU if 60% or more of its gross income for a 3-year period arises from such activities; (ii) provide look-through rules for activities and gross income of controlled entities; (iii) provide group-wide tests for investment banks that are members of affiliated groups; (iv) require that the debt or equity securities of the...