(1) For the purposes of these Regulations an "associated undertaking" means an undertaking in which an undertaking dealt with in the group accounts has a participating interest and over whose operating and financial policy it exercises a significant influence and which is not - (a) a subsidiary undertaking of the parent undertaking, or (b) a joint venture proportionally consolidated in accordance with Regulation 32.
(2) Where an undertaking holds 20 per cent or more of the voting rights in another undertaking, it shall be presumed to exercise such an influence over it unless the contrary is shown.
(3) Paragraphs (3) and (4) of Regulation 4 shall apply in determining for the purposes of this Regulation whether an undertaking holds 20 per cent or more of the voting rights in another undertaking.