35(1)Where the multinational group contains ring-fenced entities, a group payment notice may not be issued to a ring-fenced entity in respect of a liability relating to a responsible member of the group which is not a ring-fenced entity.
(2)A ring-fenced entity is a body corporate which is—
(a)a ring-fenced body, or
(b)a member of a ring-fenced body sub-group.
(3)“Ring-fenced body” has the same meaning as in section 142A of the Financial Services and Markets Act 2000.
(4)A “ring-fenced body sub-group” is a group of entities consisting of—
(a)an RFB parent undertaking and its subsidiaries, or
(b)a ring-fenced body, which is not a subsidiary of an RFB parent undertaking, and the ring-fenced body’s subsidiaries.
(5)“RFB parent undertaking” means a body corporate which is subject to rules made under section 192JA of the Financial Services and Markets Act 2000 (rules applying to parent undertakings of ring-fenced bodies).