1. 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”; and
(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]”.
Textual Amendments
F1Words in Sch. 4 para. 1 substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 20(a)(i)
F2Words in Sch. 4 para. 1(a) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 20(a)(ii)
F3Words in Sch. 4 para. 1(b) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 20(a)(iii)
Commencement Information
I1Sch. 4 para. 1 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 2