participation
19(for the purposes of ELM , UPRU 41 and GENPRU and for the purposes of BIPRU andINSPRU as they apply on a consolidated basis43):
- (a) a participating interest as defined in section 260 of the Companies Act 1985; or
- (b) the direct or indirect ownership of 20% or more of the voting rights or capital of an undertaking;
but excluding the interest of a parent undertaking in its subsidiary undertaking.