Paragraph 4 Significant group undertakings as participants

Where during a phase a significant group undertaking—

(a)

is a member of a group; but

(b)

is a participant separate from the group,

for such time as it is a participant separate from the group, it must be treated as if it was not a member of the group for the phase^f1.

Annotations

f1: A participant may become a significant group undertaking as a member of a group during a phase. See paragraphs 10(2)(e) and 11(4)(a) of section 2 of Part 3 of Schedule 6.