Paragraph 1 Section 141 - subsidiary acting as authorised dealer in securitiesI1

United Kingdom

Where the amendment made by paragraph 2 of Schedule 1 would (apart from this paragraph) mean that a subsidiary which immediately before F1IP completion day is a member of its holding company can no longer be such a member–—

(a)

for the period of one year beginning on F2IP completion day—

(i)

the amendment made by paragraph 2 of Schedule 1 to these Regulations does not apply to the subsidiary; and

(ii)

section 141(2)(b) of the Act is to be read, in relation to the subsidiary, as—

“(b)
is a member of or has access to an EU regulated market or UK regulated market”; and

(b)

from the end of that period—

(i)

the subsidiary may continue to be a member of the company; and

(ii)

sections 137(3) and (4) of the Act apply to it with the following modifications—

(aa)

for “this section”, read “paragraph 1(b)(i) of Schedule 4 to the Companies, Limited Liability Partnerships and Partnerships (Amendment etc.) (EU Exit) Regulations 2019”; and

(bb)

in subsection (4), for “mentioned in subsection (1) above” read “held at the end of the period of one year beginning on F3IP completion day”.

Annotations

Textual amendments

F1: Words in Sch. 4 para. 1 substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 20(a)(i)
F2: Words in Sch. 4 para. 1(a) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 20(a)(ii)
F3: Words in Sch. 4 para. 1(b) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 20(a)(iii)

Commencement

I1: Sch. 4 para. 1 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 2