# The Companies, Limited Liability Partnerships and Partnerships (Amendment etc.) (EU Exit) Regulations 2019, Paragraph 1: Section 141 - subsidiary acting as authorised dealer in securities


Where the amendment made by paragraph 2 of Schedule 1 would (apart from this paragraph) mean that a subsidiary which immediately before exit day is a member of its holding company can no longer be such a member–—
(a) for the period of one year beginning on exit 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 exit day”.

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Source: https://www.legislation.gov.uk/ukdsi/2019/9780111178027/schedule/4/paragraph/1 (the official version)
Page: https://openlegislation.uk/draft-companies-limited-liability-partnerships-and-partnerships-amendment-etc-eu-exit-regulations-2019/schedule-4/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.