(1) A parent undertaking (the ‘exempted parent') is exempt from the requirement in Regulation 10(3) to prepare group accounts where that undertaking is itself a subsidiary undertaking and its parent undertaking (‘that other parent undertaking') is not established under the law of an EEA State where -
(a) the exempted parent is a wholly-owned subsidiary of that other parent undertaking;
(b) that other parent undertaking holds more than 50 per cent of the shares in the exempted parent and notice requesting the preparation of group accounts has not been served in accordance with paragraph (2) on the exempted parent by shareholders holding in aggregate -
(i) more than half of the remaining shares in the company, or
(ii) 5 per cent of the total shares in the company.
(2) The notice referred to in paragraph (1)(b) must be served not later than 6 months after the end of the financial year before that to which it relates.
(3) Exemption under this Regulation is conditional upon comp