SCHEDULE 2Amendments to primary and secondary legislation
PART 1Amendments to FSMA
17
In section 301E (disregarded holdings) M1—
a
for subsection (8)(a) substitute—
a
manages holdings for its parent undertaking or a controlled undertaking of the parent undertaking;
b
for subsection (8)(c)(ii) substitute—
ii
a controlled undertaking of the parent undertaking.
c
after subsection (9) insert—
10
For the purposes of this section, an undertaking is a controlled undertaking of the parent undertaking if it is controlled by the parent undertaking; and for this purpose the question of whether one undertaking controls another is to be determined in accordance with section 89J(4) and (5).