Paragraph 4

Parts I and II of Schedule 9 to the 1985 Act, formed into a new Schedule by Regulation 5 of these Regulations and numbered Schedule 9A, shall be amended as follows:

(a)

in paragraph 17(2) of Part I, the words from “except in so far as” to the end shall be omitted;

(b)

paragraph 27 of Part I is repealed;

(c)

in paragraph 28A^f1 of Part I, the words “27 or” shall be omitted;

(d)

the words “Banking or” shall be omitted from the heading to Part II;

(e)

the following shall be substituted for paragraph 1 of Part II:

“1

An undertaking (other than one carrying on insurance business) whose activities are a direct extension of or ancillary to insurance business shall not be excluded from consolidation under section 229(4) (exclusion of undertakings whose activities are different from those of the undertakings consolidated).”;

(f)

in paragraph 5 of Part II, the word “an” shall be substituted for the words “a banking or” in sub-paragraph (1) and the words “27 or” in that sub-paragraph and “27(4)” in subparagraph (2) shall be omitted; and

(g)

paragraph 6 of Part II is repealed.

Annotations

Footnotes

f1: Paragraph 28A was inserted into Schedule 9 to the 1985 Act by section 18 of, and paragraph 10 of Part I of Schedule 7 to, the 1989 Act.