Section 233 | Treatment of protected cell companies

(1)For the purposes of this Part—

(a)a protected cell company is not to be regarded as an entity, and

(b)each part of a protected cell company is to be treated as an entity distinct from the others.

(2)Accordingly—

(a)the fact an entity is a part of a protected cell company is irrelevant to determining whether it is a member of a consolidated group, and

(b)the accounts of the protected cell company are not to be regarded as consolidated financial statements.

(3)In this Part—

“protected cell company” means a protected cell company incorporated under Part 4 of the Risk Transformation Regulations 2017 (S.I. 2017/1212);

a “part” of a protected cell company means its core or a cell of the company;

“core” and “cell” have the meaning they have in those regulations.