453. LLPs excluded from the subsidiary LLPs audit exemption

Past version: effective from 21/10/2015 - 20/10/2015
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An LLP is not entitled to the exemption conferred by section 452 (subsidiary LLPs) if it was at any time within the financial year in question —

(a) an LLP whose securities are listed on a recognised investment exchange, or
(b) a financial institution.