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GR-5.2.1

A licensee ('L') has close links with another undertaking ('U'), if:

(a) U is a parent undertaking of L;
(b) U is a subsidiary undertaking of L;
(c) U is a subsidiary undertaking of a parent undertaking of L;
(d) U, or any other subsidiary undertaking of its parent, owns or controls 20% or more of the voting rights or capital of L; or
(e) L, any of its parent or subsidiary undertakings, or any of the subsidiary undertakings of its parent, owns or controls 20% or more of the voting rights or capital of U.
January 2014