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Paragraph 2 Participant equivalents

Original text. Later amendments are not shown.

(1)

An undertaking is a “participant equivalent” when so provided under this paragraph—

(a)

for the purposes of Part 2; and

(b)

for the whole phase.

(2)

Subject to sub-paragraph (3), for the purposes of Part 2 where an undertaking (“B”)—

(a)

is a member of a group that is a participant (“G”); and

(b)

would, if B was not a member of G, have been required to register as a participant under Part 2,

B is a participant equivalent as a member of G.

(3)

Where—

(a)

B would be a participant equivalent as a member of G under sub-paragraph (2); but

(b)

G is subject to article 27(2),

the provisions of section 1 of Part 3 of Schedule 5 vary sub-paragraph (2).