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(1)In section 67 of the Energy Act 2008 (meaning of “associated” for the purposes of Chapter 1 of Part 3 of that Act), after subsection (7) insert—
“(8)This section is subject to section 67A.”
(2)After section 67 of that Act insert—
(1)In determining whether, by virtue of section 67, A has a significant interest in B, the following are to be disregarded—
(a)relevant share security rights that A holds in relation to B;
(b)subject to subsection (4), shares in B that are acquired by A in consequence of the exercise of relevant share security rights that A holds in relation to B;
(c)any power that A has, directly or indirectly, to secure that the affairs of B are conducted in accordance with A’s wishes by virtue of—
(i)relevant share security rights that A holds in relation to B,
(ii)arrangements that are designed to facilitate the exercise of relevant share security rights that A holds in relation to B, or
(iii)relevant asset security rights that A holds in relation to B, if A also holds relevant share security rights in relation to B.
(2)A holds “relevant share security rights” in relation to B if A holds—
(a)rights to enforce a security interest over shares in B,
(b)rights relating to enforcement of a security interest over shares in B, or
(c)rights that enable A to preserve the value of a security interest over shares in B.
(3)A holds “relevant asset security rights” in relation to B if A holds—
(a)rights to enforce a security interest over any of B’s assets,
(b)rights relating to enforcement of a security interest over any of B’s assets, or
(c)rights that enable A to preserve the value of a security interest over any of B’s assets.
(4)Subsection (1)(b) does not apply if the shares acquired by A are retained by A for a purpose other than that of preserving the value of the security interest in question or of realising it.
(5)In this section—
(a)a reference to “shares” includes a reference to rights attached to shares;
(b)a reference to A holding rights in relation to B includes a reference to—
(i)A holding those rights on trust for another person, and
(ii)A being the beneficiary of a trust of those rights;
(c)a reference to A acquiring shares in B includes a reference to—
(i)A acquiring shares in B to hold on trust for another person, and
(ii)another person acquiring shares in B to hold on trust for A;
(d)a reference to rights includes a reference to powers.”
Commencement Information
I1S. 40 in force at Royal Assent, see s. 44(1)(d)