SCHEDULE 2Amendments to primary and secondary legislation

PART 1Amendments to FSMA

17

In section 301E (disregarded holdings)51—

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).