Paragraph 2 Significant group undertakings

(1)

An undertaking is a “significant group undertaking” of a group when so provided under this paragraph—

(a)

for the purposes of Part 2; and

(b)

during a phase.

(2)

Sub-paragraph (3) applies—

(a)

to a group of undertakings (“G”);

(b)

to an undertaking (“U”) which is a group undertaking of G; and

(c)

where U is a subsidiary of another undertaking of G.

(3)

Subject to sub-paragraph (4), for the purposes of Part 2 where—

(a)

U; and

(b)

any subsidiary undertakings of U,

would, if U was not a member of G, have been required to register as a participant under Part 2, U is a significant group undertaking as a member of G, together with U’s subsidiary undertakings, if any.

(4)

Where—

(a)

U would be a significant undertaking as a member of G under sub-paragraph (3); but

(b)

G is subject to article 27(2),

the provisions of section 1 of Part 3 of Schedule 6 vary sub-paragraph (3).

(5)

Subject to paragraph 3, where U is a significant group undertaking as a member of—

(a)

G for the purposes of Part 2 under sub-paragraph (3); or

(b)

another group, where sub-paragraph (4) applies,

U is a significant group undertaking as a member of G or that other group for that phase, together with U’s subsidiary undertakings from time to time, if any.