SCHEDULE 2Amendments to primary and secondary legislation

PART 1Amendments to FSMA

25

In section 422 (controller) M1—

a

in subsection (5)(a)(v) for “subsidiary undertaking” substitute “ controlled undertaking ”;

b

after subsection (5) insert—

6

For the purposes of this section, an undertaking “B” is a controlled undertaking of H if any of the conditions in section 89J(4)(a) to (d) (read with section 89J(5)) is met (reading references in those provisions to A as references to H).