Paragraph 12 Participant equivalents transferring to another participant

(1)

Sub-paragraphs (2) and (3) apply where the following change occurs—

(a)

a participant (“G”) consists of a group; and

(b)

a participant equivalent (“H”) which was a member of G becomes a participant equivalent as a member of another participant (“J”).

(2)

In respect of the change—

(a)

G and J must notify the administrator of the change and when it occurred;

(b)

in the notification of J, J must inform the administrator whether or not J requests that H may apply for registration as a separate participant; and

(c)

if such a request is made, H must apply for registration as a participant in accordance with article 11.

(3)

Where H is not registered as a separate participant, H is treated as if it were a participant equivalent as a member of J for the whole of the year in which the change occurs.