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13.—(1) The provisions of relevant arrangements specified in paragraph (2) have no effect.
(2) The provisions are—
(a)any provision requiring ACo to hold, or represent or warrant that it holds, a relevant regulatory permission, or
(b)any provision which provides for any default event consequence, should ACo cease to hold a relevant regulatory permission or should any relevant regulatory permission of ACo be varied.
(3) A “relevant regulatory permission” means a regulatory permission to carry out a regulated activity specified in Schedule 4.
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