In Article 3 -

(a) for paragraph 1 substitute -

"1. For the purpose of this Regulation:

'alternative investment fund manager' has the meaning in regulation 4(1) of the Alternative Investment Managers Regulations 2013;

'beneficial owner' has the meaning given to it in regulation 3(1) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017;

'central counterparty' or 'CCP' means a legal person that interposes itself between the counterparties to the contracts traded on one or more financial markets, becoming the buyer to every seller and the seller to every buyer, which is authorised under the Financial Services and Markets Act 2000;

'common management relationship', means a relationship between two or more undertakings which satisfies the following conditions:

(i) the undertakings are not connected in the manner described in section 1162 of, and Schedule 7 to, the Companies Act 2006 (c. 46), and

(ii) either:

(a) the undertakings are managed on a unified basis pursuant to a contract with one of them, or provisions in the undertakings' memorandum or articles of association; or

(b) the administrative, management or supervisory bodies of those undertakings consist, for the major part, of the same credit rating agencies in office during the financial year in respect of which it is being decided whether such a relationship exists;