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6. After regulation 2(1) (interpretation), insert—
“(1A) In these Regulations—
(a)a “bulk transfer of accounts” occurs where two or more accounts are transferred by an account manager (“the transferor”) to another account manager (“the transferee”)—
(i)pursuant to an agreement made between the transferor and transferee, and
(ii)the transfers are not made pursuant to requests made by persons who are the account investor or registered contact in relation to the accounts transferred;
(b)a “group transfer of accounts” occurs where a bulk transfer of accounts is made between account managers that are members of the same group of companies when the transfer occurs;
(c)two companies are members of the same group of companies if—
(i)one is a 75% subsidiary of the other, or
(ii)both are 75% subsidiaries of a third company.”.
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