7(1)In this Schedule “regulated person”, in relation to a forest risk commodity, means a person (other than an individual) who carries on commercial activities in the United Kingdom, and—
(a)meets such conditions in relation to turnover as may be specified in regulations made by the Secretary of State for the purposes of defining who is a regulated person in relation to that forest risk commodity, or
(b)is an undertaking which is a subsidiary of another undertaking which meets those conditions.
(2)Regulations under sub-paragraph (1) may make provision about how turnover is to be determined.
(3)Before making regulations under sub-paragraph (1) the Secretary of State must consult such persons as the Secretary of State considers appropriate.
(4)The requirement to consult in sub-paragraph (3) may be met by consultation carried out before this paragraph comes into force.
(5)The Secretary of State may by regulations make provision for the Part 1 requirements not to apply, or to apply with modifications, in relation to a person who becomes a regulated person for such transitional period, after they become a regulated person, as may be specified in the regulations.
(6)The Secretary of State may by regulations make provision for a group of undertakings to be treated as a regulated person, in such circumstances, for such purposes and to such extent as may be provided (and may modify the application of the Schedule accordingly).
(7)In this paragraph—
“group” has the meaning given by section 474 of the Companies Act 2006;
“undertaking” has the meaning given by section 1161 of that Act,
and whether an undertaking is a subsidiary of another undertaking is to be determined in accordance with section 1162 of that Act.