Regulation 9

Section 141 - subsidiary acting as authorised dealer in securities

1. Where the amendment made by paragraph 2 of Schedule 1 would (apart from this paragraph) mean that a subsidiary which immediately before IP completion day is a member of its holding company can no longer be such a member– -

(a) for the period of one year beginning on IP completion day -

 (i) the amendment made by paragraph 2 of Schedule 1 to these Regulations does not apply to the subsidiary; and

(ii) section 141(2)(b) of the Act is to be read, in relation to the subsidiary, as -

"(b) is a member of or has access to an EU regulated market or UK regulated market";

and

(b) from the end of that period -

(i) the subsidiary may continue to be a member of the company; and

(ii) sections 137(3) and (4) of the Act apply to it with the following modifications -