The Companies, Limited Liability Partnerships and Partnerships (Amendment etc.) (EU Exit) Regulations 2019

Section 141 - subsidiary acting as authorised dealer in securities

1.  Where the amendment made by paragraph 2 of Schedule 1 would (apart from this paragraph) mean that a subsidiary which immediately before exit day is a member of its holding company can no longer be such a member–—

(a) for the period of one year beginning on exit 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 exit day”.