(1) Subject to paragraph (2), these Regulations apply to every relevant entity.
(2) These Regulations do not apply to a company or other body corporate -
(a) listed on a regulated market that is subject to disclosure requirements consistent with the law of the European Union, or
(b) subject to equivalent international standards which ensure adequate transparency of ownership information.
(3) For the purposes of paragraph (2)(a), "disclosure requirements consistent with the law of the European Union" includes the Transparency (Directive 2004/109/EC) Regulations 2007 (S.I. No. 277 of 2007).