An undertaking S is a subsidiary undertaking of H of:
- S is a subsidiary of H, i.e. H is a member of S and either holds pr controls > 50% of the voting rights or controls the board;
- S is a subsidiary because it is a subsidiary of a subsidiary of H;
- H has the right to exercise a dominant influence over S;
- H has a participating interest in S and either actually exercises a dominant influence over S or H and S are managed on a unified basis.