(1)

In this section -

'constituent entity', 'consolidated financial statements', 'MNE group', 'qualifying competent authority agreement', 'surrogate parent entity', 'systemic failure' and 'ultimate parent entity' have the meanings given to them respectively by Article 1 of the OECD model legislation;

'competent authority' means a competent authority for the purposes of a qualifying competent authority agreement;

'country-by-country report', in relation to an MNE group, means a report that contains the information set out in subsection (4) and that has been prepared in accordance with the OECD Report of 2015 and the OECD CbCR Guidance;