Paragraph 26

In section 422A (disregarded holdings) M1—

(a)

for subsection (8)(a) substitute—

“(a)
manages holdings for its parent undertaking or a controlled undertaking of its parent undertaking;”;

(b)

for subsection (8)(c)(ii) substitute—

“(ii)
a controlled undertaking of the parent undertaking.”;

(c)

in subsection (10)(a) for “banking consolidation directive” substitute “ capital requirements directive ”;

(d)

after subsection (10) insert—

“(11)
For the purposes of this section, an undertaking is a controlled undertaking of the parent undertaking if it is controlled by the parent undertaking; and for this purpose the question of whether one undertaking controls another is to be determined in accordance with section 89J(4) and (5).”.

Annotations

Marginal citations

M1: Section 422A was inserted by S.I. 2009/534 and amended by S.I. 2011/1613.

Notes on the whole SI

Textual amendments

F1: 2000 c. 8. Section 349(2) was amended by section 41 of, and paragraphs 19(1) and (2) of Schedule 12 to, the Financial Services Act 2012 (c. 21); paragraphs 14(1)(b), 17(c), 18 and 22 of Schedule 3 were amended by section 12 of, and paragraphs 1, 3, 7, 8 and 14 of Schedule 4 to, the Financial Services Act 2012; paragraph 14(1)(b) was also amended by S.I. 2003/1473 and S.I. 2003/2066.