Schedule 2, Part 4, paragraph 21(3)

Condition B is that— the relevant person reasonably believes that the application of the listed GDPR provisions to the personal data in question could affect a decision of a person— whether to deal in, subscribe for or issue an instrument, or whether to act in a way likely to have an effect on a business activity (such as an effect on the industrial strategy of a person, the capital structure of an undertaking or the legal or beneficial ownership of a business or asset), and the application of the listed GDPR provisions to that personal data would have a prejudicial effect on the orderly functioning of financial markets or the efficient allocation of capital within the economy.

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