# Finance (No. 2) Act 2023, Paragraph 35

Extent: E+W+S+N.I.

(1) Where the multinational group contains ring-fenced entities, a group payment notice may not be issued to a ring-fenced entity in respect of a liability relating to a responsible member of the group which is not a member of a ring-fenced body sub-group that the entity is a member of.
(2) A ring-fenced entity is a body corporate which is—
(a) a ring-fenced body, or
(b) a member of a ring-fenced body sub-group.
(3) “Ring-fenced body” has the same meaning as in section 142A of the Financial Services and Markets Act 2000.
(4) A “ring-fenced body sub-group” is a group of entities consisting of—
(a) an RFB parent undertaking and its subsidiaries, or
(b) a ring-fenced body, which is not a subsidiary of an RFB parent undertaking, and the ring-fenced body’s subsidiaries.
(5) “RFB parent undertaking” means a body corporate which is subject to rules made under section 192JA of the Financial Services and Markets Act 2000 (rules applying to parent undertakings of ring-fenced bodies).

---
Source: https://www.legislation.gov.uk/ukpga/2023/30/schedule/14/paragraph/35 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2023/schedule-14/paragraph-35
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.