SCHEDULE 5Changes to participants

PART 3Undertakings

SECTION 2Annual reporting years and post-application periods

Participant equivalents transferring to another participant12

1

Sub-paragraphs (2) and (3) apply where the following change occurs—

a

a participant (“G”) consists of a group; and

b

a participant equivalent (“H”) which was a member of G becomes a participant equivalent as a member of another participant (“J”).

2

In respect of the change—

a

G and J must notify the administrator of the change and when it occurred;

b

in the notification of J, J must inform the administrator whether or not J requests that H may apply for registration as a separate participant; and

c

if such a request is made, H must apply for registration as a participant in accordance with article 11.

3

Where H is not registered as a separate participant, H is treated as if it were a participant equivalent as a member of J for the whole of the year in which the change occurs.