Section 422A(6)

Shares held by a qualifying credit institution or an investment firm are disregarded, provided that— the shares are held as a result of performing the investment services and activities of— underwriting shares; or placing shares on a firm commitment basis ...; and the qualifying credit institution or investment firm— does not exercise voting power represented by the shares or otherwise intervene in the management of the issuer; and retains the holding for a period of less than one year.

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Source: legislation.gov.uk · retrieved 2026-09-04