Article 26 Undertakings: disaggregation

(1)

This article applies where—

(a)

an undertaking or a group of undertakings (“B”) is a member of a group (“A”); and

(b)

at the time A applies for registration in accordance with article 12, B is not or does not include the highest parent undertaking registered in the United Kingdom that is a member of A.

(2)

Paragraph (3) applies where—

(a)

A applies for registration in accordance with article 11; and

(b)

B applies for registration as a participant separate from A by the last working day of April in the following year.

(3)

When this paragraph applies and the applications by A and B are duly made the administrator must register A and B as separate participants.