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The Companies, Limited Liability Partnerships and Partnerships (Amendment etc.) (EU Exit) Regulations 2019

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Section 141 - subsidiary acting as authorised dealer in securitiesU.K.

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1.  Where the amendment made by paragraph 2 of Schedule 1 would (apart from this paragraph) mean that a subsidiary which immediately before [F1IP completion day] is a member of its holding company can no longer be such a member–—

(a)for the period of one year beginning on [F2IP completion day]

(i)the amendment made by paragraph 2 of Schedule 1 to these Regulations does not apply to the subsidiary; and

(ii)section 141(2)(b) of the Act is to be read, in relation to the subsidiary, as—

(b)is a member of or has access to an EU regulated market or UK regulated market; and

(b)from the end of that period—

(i)the subsidiary may continue to be a member of the company; and

(ii)sections 137(3) and (4) of the Act apply to it with the following modifications—

(aa)for “this section”, read “paragraph 1(b)(i) of Schedule 4 to the Companies, Limited Liability Partnerships and Partnerships (Amendment etc.) (EU Exit) Regulations 2019”; and

(bb)in subsection (4), for “mentioned in subsection (1) above” read “held at the end of the period of one year beginning on [F3IP completion day]”.

Textual Amendments

F1Words in Sch. 4 para. 1 substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 20(a)(i)

F2Words in Sch. 4 para. 1(a) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 20(a)(ii)

F3Words in Sch. 4 para. 1(b) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 20(a)(iii)

Commencement Information

I1Sch. 4 para. 1 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 2

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