1.—(1) Part 3 applies with the following modifications.
(2) Regulations 17, 18, and 19, and Schedule 2, do not apply, and instead the “participant” and the “responsible undertaking” in relation to relevant trust assets—
(a)mean the undertaking which is required to comply with the Scheme in relation to those relevant trust assets, determined in accordance with regulation 53(2), (3), (4), (5) or (6),
(b)where they are the participant and the responsible undertaking in relation to the relevant trust assets of two or more relevant trusts, must comply with the Scheme as a separate participant and responsible undertaking in relation to each relevant trust,
(c)where they are also a participant or a responsible undertaking by virtue of regulations 17, 18 and 19, must comply with the Scheme as a separate participant or responsible undertaking (as the case may be) in accordance with those regulations.