PART 3Other modifications of provisions relating to accounts

Participating interest no longer required to be subsidiary undertaking

12.—(1) In section 258(4) of the 1985 Act (parent and subsidiary undertakings)(1)–

(a)omit “ it has a participating interest in the undertaking and”, and

(b)for paragraph (a) substitute–

“(a)it has the power to exercise, or actually exercises, dominant influence or control over it, or”.

(2) The modification of section 258(4) in paragraph (1) also applies for the purposes of—

(a)the Building Societies Act 1986(2), and

(b)the Financial Services and Markets Act 2000(3).