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Regulation 8 Group undertakings in receipt of revenue that is referable to one or more regulated services

Original text. Later amendments are not shown.

(1)

This regulation applies where a provider of one or more regulated services is a member of a group during any part of a qualifying period.

(2)

The qualifying worldwide revenue of that provider is to include the qualifying worldwide revenue of any entity (“E”) that—

(a)

is a group undertaking in relation to the provider for all or part of the qualifying period; and

(b)

receives during that period, any amount referable to a regulated service provided by the provider.

(3)

Where E is a group undertaking in relation to a provider for part (not all) of a qualifying period, only amounts relating to the part of the qualifying period for which E was a group undertaking may be brought into account in determining E’s qualifying worldwide revenue.

(4)

For the purposes of this regulation, the qualifying worldwide revenue of E is the total amount of revenue that E receives during the qualifying period that is referable to the regulated service or regulated services provided by the provider (as the case may be).

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.