[(1) For the purpose of section 301D, shares and voting power that a person holds in a recognised investment exchange (“B”) or in a parent undertaking of B (“P”) are disregarded in the following circumstances.
(2) Shares held only for the purposes of clearing and settling within a short settlement cycle are disregarded.
(3) Shares held by a custodian or its nominee in a custodian capacity are disregarded, provided that the custodian or nominee is only able to exercise voting power represented by the shares in accordance with instructions given in writing.
(4) Shares representing no more than 5% of the total voting power in B or P held by an investment firm are disregarded, provided that it—
(a) holds the shares in the capacity of a market maker (as defined in [Article 2(1)(6) of the markets in financial instruments regulation]);
[(b) has a Part 4A permission to carry on a regulated activity which is any of the investment services or activities; and]
(c) neither intervenes in
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