(1) In sub-paragraph (o)(i) of regulation 7(2) of the Public Offers of Securities Regulations 1995 (exemptions) for "a member of the same group as the issuer" substitute "a body corporate connected with the issuer".
(2) In paragraph (13) of that regulation [Paragraph (13) of regulation 7 was substituted by S.I. 2001/3649, article 504(11).] -
(a) the definition of "group" is revoked, and
(b) before the definition of "a relevant trustee" insert -
"a body corporate is "connected with" another body corporate if -
(a) they are in the same group, within the meaning of section 421 of the Act, or
(b) one is entitled, either alone or with any other body corporate in the same group, to exercise or control the exercise of a majority of the voting rights attributable to the share capital which are exercisable in all circumstances at any general meeting of the other body corporate or its holding company; and".