Section 422A(8)

But subsection (7) does not apply if the management company— manages holdings for its parent undertaking or a controlled undertaking of its parent undertaking; has no discretion to exercise the voting power attached to such holdings; and may only exercise the voting power in relation to such holdings under direct or indirect instruction from— its parent undertaking; or a controlled undertaking of the parent undertaking.

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