Regulation 61B

all the groups comprising the multi-parent group are treated as a single MNE group and any reference to an MNE group is to the multi-parent group;

subject to sub-paragraph (c), the ultimate parent entity of each group comprising the multi-parent group is treated as the ultimate parent entity of the multi-parent group, and —

except in the provisions in sub-paragraphs (ii) and (iii), any reference to the ultimate parent entity of an MNE group is to the ultimate parent entity of each group comprising the multi-parent group;

any reference in section 31(2) and regulations 17(2)(b), 70(2) and 86(4)(a) to the ultimate parent entity of an MNE group is to any of the ultimate parent entities of the groups comprising the multi-parent group; and

the reference in regulation 33(1) to the ultimate parent entity of an MNE group is to the ultimate parent entity that prepares the consolidated financial statements mentioned in regulation 61A(2)(b)(iv) or (3)(c), as the case may be;

paragraph (a) of section 13(2) is replaced with the following provision: “(a)any of the ultimate parent entities of the groups comprising the multi-parent group, that holds an ownership interest in X is not a responsible member of the multi-parent group;”;

an entity of each group comprising the multi-parent group is treated as a member of the single MNE group;

an entity (called Y) (other than an excluded entity) is treated as a constituent entity of the single MNE group, if one or more entities in the single MNE group hold a controlling interest in Y;

for the purpose of sub-paragraph (e), one or more entities in the single MNE group are treated as holding a controlling interest in Y if those entities hold an ownership interest in Y and Y’s assets, liabilities, income, expenses and cash flows —

are consolidated on a line-by-line basis in the single MNE group’s consolidated financial statements mentioned in sub-paragraph (g) in accordance with the financial accounting standard mentioned in sub-paragraph (h); or

would have been so consolidated but was not required to be consolidated solely on the ground of size or materiality or on the ground that Y is held for sale;

the consolidated financial statements mentioned in regulation 61A(2)(b)(iv) or (3)(c) (as the case may be) are treated as the single MNE group’s consolidated financial statements, and any reference to the consolidated financial statements of the ultimate parent entity of an MNE group is to the secondmentioned consolidated financial statements;

the financial accounting standards in accordance with which the single MNE group’s consolidated financial statements mentioned in sub-paragraph (g) were prepared are treated as an acceptable financial accounting standard.