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Paragraph 13 Producer ceasing to be a member of a corporate group

Original text. Later amendments are not shown.

Where, in relation to the year during which XC leaves the corporate group, XC is registered with the appropriate agency as part of a group registration—

(a)

if XC satisfies the threshold criteria as an individual producer—

(i)

XC must register with the appropriate agency as required by regulation 25(1)(a) within a period of 28 days starting with the day on which XC ceases to be a member of the group, and regulations 29 to 32 apply as if this were an occurrence specified in regulation 28(3)(a); but

(ii)

the holding company must comply with XC’s obligations under these Regulations for that year;

(b)

if XC does not satisfy the threshold criteria as an individual producer, the holding company must continue to comply with the obligations under these Regulations which XC had for that year as a relevant group member.