Regulation 7 Provider of two or more regulated services

(1)

This regulation applies for the purposes of determining the qualifying worldwide revenue of a provider of more than one regulated service in respect of a qualifying period.

(2)

The provider’s qualifying worldwide revenue is determined by—

(a)

finding, in respect of each regulated service, the total amount of relevant revenue; and

(b)

adding together those amounts.

(3)

Revenue is “relevant” for that purpose if—

(a)

the provider receives it during the qualifying period; and

(b)

it is referable to the regulated service in question.

Notes on Part 2

Footnotes

f1: When determining the maximum amount of a penalty under paragraph 4 of Schedule 13 to the Act, regulations 6 to 8 apply by virtue of paragraph 4(9) of that Schedule. In such a case, the qualifying worldwide revenue of a provider of a regulated service is required to be by reference to an accounting period. “Accounting period” is defined in paragraph 4(8) of Schedule 13 to the Act.