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2.—(1) An undertaking is a “significant group undertaking” of a group when so provided under this paragraph—
(a)for the purposes of Part 2; and
(b)during a phase.
(2) Sub-paragraph (3) applies—
(a)to a group of undertakings (“G”);
(b)to an undertaking (“U”) which is a group undertaking of G; and
(c)where U is a subsidiary of another undertaking of G.
(3) Subject to sub-paragraph (4), for the purposes of Part 2 where—
(a)U; and
(b)any subsidiary undertakings of U,
would, if U was not a member of G, have been required to register as a participant under Part 2, U is a significant group undertaking as a member of G, together with U’s subsidiary undertakings, if any.
(4) Where—
(a)U would be a significant undertaking as a member of G under sub-paragraph (3); but
(b)G is subject to article 27(2),
the provisions of section 1 of Part 3 of Schedule 6 vary sub-paragraph (3).
(5) Subject to paragraph 3, where U is a significant group undertaking as a member of—
(a)G for the purposes of Part 2 under sub-paragraph (3); or
(b)another group, where sub-paragraph (4) applies,
U is a significant group undertaking as a member of G or that other group for that phase, together with U’s subsidiary undertakings from time to time, if any.
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