SCHEDULE 5Modification of the application of these Regulations in relation to certain relevant trust assets
1
1
Part 3 applies with the following modifications.
2
Regulations 17, 18, and 19, and Schedule 2, do not apply, and instead the “participant” and the “responsible undertaking” in relation to relevant trust assets—
a
mean the undertaking which is required to comply with the Scheme in relation to those relevant trust assets, determined in accordance with regulation 53(2), (3), (4), (5) or (6),
b
where they are the participant and the responsible undertaking in relation to the relevant trust assets of two or more relevant trusts, must comply with the Scheme as a separate participant and responsible undertaking in relation to each relevant trust,
c
where they are also a participant or a responsible undertaking by virtue of regulations 17, 18 and 19, must comply with the Scheme as a separate participant or responsible undertaking (as the case may be) in accordance with those regulations.