Schedule 6B, Part 1A, paragraph 2C

For the purposes of paragraph 2B, a person is a state owned investor acting on behalf of a foreign power where— condition 1 or 2 is met, and conditions 3 to 5 are met. Condition 1 is that the foreign power holds, directly or indirectly— 100% of the shares in the person, 100% of the voting rights in the person, or the right to appoint or remove a majority of the officers of the person. Condition 2 is that— the trustees of a trust, or the members of a partnership, unincorporated association or other entity, that is not a legal person under the law by which it is governed meet one or more of the requirements set out in sub-paragraph (4), in their capacity as such, in relation to the person, and the foreign power directs or controls the activities of that trust or entity (in whole or in part). The requirements are that the trustees or members— have the right to direct or control, or actually direct or control, the person’s activities (in whole or in part); hold, directly or indirectly, 100% of the shares in the person; hold, directly or indirectly, 100% of the voting rights in the person; hold the right, directly or indirectly, to appoint or remove a majority of the officers of the person. Condition 3 is that— the principal activity of the person is to make or manage investments, and the activities of the person include making or managing investments in countries or territories other than the country or territory of the foreign power (“the overseas investments”). Condition 4 is that the principal source of the funds for the overseas investments is the foreign power or another foreign power of the same country or territory as the foreign power. Condition 5 is that the sole purpose of the overseas investments is to benefit— the foreign power or the public or a section of the public of the country or territory of the foreign power, or where the overseas investments are made or managed for the purposes of a public pension fund of the country or territory of the foreign power, the beneficiaries of that fund.

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