Paragraph 3 Joining of a participant or participant equivalent with a non-participant

(1)

Sub-paragraph (2) applies to a participant or participant equivalent (“C”) where the following change occurs in the post-qualification period—

(a)

C becomes a member of another group or undertaking (“D”); and

(b)

D is not required to register under article 24.

(2)

In respect of the change—

(a)

C or D must—

(i)

apply for registration as a participant in accordance with article 11; and

(ii)

when doing so notify the administrator that C is a member of D and when that occurred;

(b)

D is only a participant in respect of C when D registers on behalf of C.