[(1) This Part applies to companies other than—
[(a) companies with voting shares admitted to trading on a [UK regulated market or an EU regulated market], and]
(b) companies of any description specified by the Secretary of State by regulations.
(2) In deciding whether to specify a description of company, the Secretary of State is to have regard to the extent to which companies of that description are bound by disclosure and transparency rules (in the United Kingdom or elsewhere) [which are contained in international standards and are equivalent to those applicable to companies referred to in subsection (1)(a)].
(3) . . .
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