Document ID: chunk:federal_register_of_legislation:C2024A00132:section:25
Version: federal_register_of_legislation:C2024A00132
Segment Type: section
Provision Reference: s 25
Character Range: 25287–26124

25  Meaning of Excluded Service Entity
  An Entity is an Excluded Service Entity if:
 (a) at least 95% of the value of the Entity is owned (directly or through a chain of Excluded Entities) by one or more of the following (other than a Pension Services Entity):
 (i) an Excluded Entity under paragraph 20(1)(a), (b), (c), (d), (e) or (f);
 (ii) if the Entity is an Ultimate Parent Entity—an Investment Fund or a Real Estate Investment Vehicle; and
 (b) any of the following conditions are satisfied:
 (i) the Entity operates exclusively or almost exclusively to hold assets or invest funds for the benefit of the Entities mentioned in paragraph (a);
 (ii) the Entity only carries out activities that are ancillary to those carried out by the Entities mentioned in paragraph (a).

Division 3—Joint Ventures and Multi‑Parented MNE Groups