Section 422A(9)

Where an investment firm and its parent undertaking both hold shares or voting power, the parent undertaking may disregard holdings managed by the investment firm on a client by client basis and the investment firm may disregard holdings of the parent undertaking, provided that the investment firm— has permission to provide portfolio management; exercises its voting power independently from the parent undertaking; and may only exercise the voting power under instructions given in writing, or has appropriate mechanisms in place for ensuring that individual portfolio management services are conducted independently of any other services.

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