SCHEDULE 4Transitional provisions
Part 1Transitional provisions relating to Schedule 1
Section 141 - subsidiary acting as authorised dealer in securitiesI11
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
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”.