SCHEDULES
SCHEDULE 17Use of forest risk commodities in commercial activity
PART 1Requirements
I17Meaning of “regulated person”
1
In this Schedule “regulated person”, in relation to a forest risk commodity, means a person (other than an individual) who carries on commercial activities in the United Kingdom, and—
a
meets such conditions in relation to turnover as may be specified in regulations made by the Secretary of State for the purposes of defining who is a regulated person in relation to that forest risk commodity, or
b
is an undertaking which is a subsidiary of another undertaking which meets those conditions.
2
Regulations under sub-paragraph (1) may make provision about how turnover is to be determined.
3
Before making regulations under sub-paragraph (1) the Secretary of State must consult such persons as the Secretary of State considers appropriate.
4
The requirement to consult in sub-paragraph (3) may be met by consultation carried out before this paragraph comes into force.
5
The Secretary of State may by regulations make provision for the Part 1 requirements not to apply, or to apply with modifications, in relation to a person who becomes a regulated person for such transitional period, after they become a regulated person, as may be specified in the regulations.
6
The Secretary of State may by regulations make provision for a group of undertakings to be treated as a regulated person, in such circumstances, for such purposes and to such extent as may be provided (and may modify the application of the Schedule accordingly).
7
In this paragraph—
“group” has the meaning given by section 474 of the Companies Act 2006;
“undertaking” has the meaning given by section 1161 of that Act,
and whether an undertaking is a subsidiary of another undertaking is to be determined in accordance with section 1162 of that Act.