Article 25 Undertakings: applications by significant group undertakings

(1)

Paragraph (2) applies where a group (“A”) includes a significant group undertaking (“B”) and A—

(a)

satisfies article 24(2) and would do so if it did not include B;

(b)

is not subject to article 27; and

(c)

complies with article 11 at least 3 months before the time required under article 12.

(2)

Where this paragraph applies, A may in the application under article 11 request the administrator to register A and B as separate participants.

(3)

Where such a request is made—

(a)

the administrator must notify A and B as soon as possible whether or not it agrees to it; and

(b)

if it does, B may make an application in accordance with article 11 if it does so by the time required under article 12.

(4)

Where—

(a)

the request is not agreed; or

(b)

it is but B does not make an application or not in the time required,

the application by A under article 11 includes B as a member of A.