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):

1. (a) a participating interest as defined in section 260 of the Companies Act 1985; or
2. (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.