(1) In the Limited Liability Partnerships Regulations 2001, Schedule 1 (modifications to provisions of Part 7 of the Companies Act 1985 applied by those Regulations) is amended as follows.

(2) In the entry relating to section 247A of the Companies Act 1985 ("the Act"), for the modification to subsection (1) [Subsection (1) of section 247A was substituted by S.I. 2001/3649, article 11(2).] substitute -

"For paragraph (a) of subsection (1) substitute the following -

(a) the limited liability partnership is, or was at any time within the financial year to which the accounts relate, a person (other than a banking limited liability partnership) who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on one or more regulated activities;".".

(3) In the entry relating to section 249AA of the Act, for the modification to subsection (3) [Subsection (3) of section 249AA was amended by S.I. 2001/3649, article 13.] substitute -

"For subsection (3) substitute the following -

"(3) Subsection (1) does not apply if at any time in the financial year in question the limited liability partnership was a person (other than a banking limited liability partnership) who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on one or more regulated activities.".".

(4) In the entry relating to section 249B of the Act, for the modifications to subsection (1) substitute -