A single company that is not part of the same group as the single-company
holding vehicle investing in it and which:
(a) …
(b) does not undertake any of the activities in COBS 4.12B.50R(2)(a) to (e) subject to COBS 4.12B.52R and
COBS 4.12B.54R(1) (for these purposes, COBS 4.12B.50R(2)(a) to (e), COBS 4.12B.52R and
COBS 4.12B.54R(1) must be read as though references
to the issuer are to the single company)