(1) Regulation 10 (group accounts) is amended as follows.

(2) In section 400 (exemption for LLP included in EEA group accounts of larger group) -

(a) for subsection (1)(b) substitute -

"(b) where that parent undertaking holds 90% or more of the shares in the LLP and the remaining members have approved the exemption;

(c) where that parent undertaking holds more than 50% (but less than 90%) of the shares in the LLP and notice requesting the preparation of group accounts has not been served on the LLP by the members holding in aggregate at least 5% of the shares in the LLP.

Such notice must be served at least six months before the end of the financial year to which it relates.";

(b) in subsection (2)(b), for sub-paragraph (i) substitute -

"(i) in accordance with the provisions of Directive 2013/34/EU of 26 June 2013 on the annual financial statements etc. of certain types of undertakings, or";

(c) in subsection (2)(c), after "the LLP must disclose in" insert "the notes to";

(d) in subsection (2)(d), for sub-paragraph (i) substitute -