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7.—(1) Schedule 1 to the Limited Liability Partnerships Regulations 2001(1) is amended as follows.
(2) For the entry relating to section 247A substitute—
| “subsection (1B) | Omit paragraphs (a) and (c), and the words “an authorised insurance company, a banking company,” in paragraph (b). | |
| subsection (1C) | Omit paragraphs (a) and (c). In paragraph (b), after “it” insert “is a person (other than a banking limited liability partnership) who”.”. |
(3) In the entries relating to section 249AA—
(a)for the entry relating to subsection (2) substitute “In paragraph (a), omit “(1B)(a) or (1C)(a)”.”, and
(b)for the entry relating to subsection (3) substitute—
| “subsection (3) | For subsection (3) substitute the following— “(3) Subsection (1) does not apply if at any time in the financial year in question the limited liability partnership was an e-money issuer, an ISD investment firm or a UCITS management company.”.”. | ||
(4) For the entry relating to section 249B(1)(b) substitute the words “in paragraph (b), omit the words “an authorised insurance company, a banking company,”.”.
S.I. 2001/1090, as amended by S.I. 2004/355, by regulation 2 of, and Schedule 1 to, S.I. 2005/1989 and by regulation 18 of S.I. 2005/2280.
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