{
  "url": "https://openlegislation.uk/companies-limited-liability-partnerships-and-partnerships-amendment-etc-eu-exit-regulations-2019/schedule-4/paragraph-1",
  "json_url": "https://openlegislation.uk/companies-limited-liability-partnerships-and-partnerships-amendment-etc-eu-exit-regulations-2019/schedule-4/paragraph-1.json",
  "legislation": "uksi/2019/348",
  "legislation_title": "The Companies, Limited Liability Partnerships and Partnerships (Amendment etc.) (EU Exit) Regulations 2019",
  "legislation_url": "https://openlegislation.uk/companies-limited-liability-partnerships-and-partnerships-amendment-etc-eu-exit-regulations-2019",
  "path": "schedule/4/paragraph/1",
  "kind": "paragraph",
  "number": "1",
  "heading": "Section 141 - subsidiary acting as authorised dealer in securities",
  "text": "Where the amendment made by paragraph 2 of Schedule 1 would (apart from this paragraph) mean that a subsidiary which immediately before IP completion day is a member of its holding company can no longer be such a member–—\n(a) for the period of one year beginning on IP completion day—\n(i) the amendment made by paragraph 2 of Schedule 1 to these Regulations does not apply to the subsidiary; and\n(ii) section 141(2)(b) of the Act is to be read, in relation to the subsidiary, as—\n“(b) is a member of or has access to an EU regulated market or UK regulated market”; and\n(b) from the end of that period—\n(i) the subsidiary may continue to be a member of the company; and\n(ii) sections 137(3) and (4) of the Act apply to it with the following modifications—\n(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\n(bb) in subsection (4), for “mentioned in subsection (1) above” read “held at the end of the period of one year beginning on IP completion day”.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "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)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 4 para. 1 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2019/348/schedule/4/paragraph/1",
    "retrieved_at": "2026-10-28T22:46:43.508636+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}