Schedule 17: Use of forest risk commodities in commercial activity Part 1: Requirements Meaning of "regulated person"
Paragraph 7 sets out the persons who will be subject to the requirements set out in Paragraphs 2 to 4 in Part 1 of this Schedule.
	Sub-paragraph (1) specifies that for the purposes of this Schedule a "regulated person" is an entity that carries out commercial activities in the UK in relation to a regulated forest risk commodity, and either exceeds a turnover threshold set by the Secretary of State for that commodity, or is a subsidiary of an undertaking that exceeds the turnover threshold for that commodity. This means that different turnover thresholds could be set for different forest risk commodities, and regulated persons will only be subject to the requirements for a particular forest risk commodity if they, or their parent company, exceed the relevant turnover threshold.
	Sub-paragraph (2) outlines that regulations under sub-paragraph (1) may make provision about how the turnover threshold will be determined for forest risk commodities, and sub-paragraph (3) requires that the Secretary of State must consult persons they consider appropriate before making these regulations. The requirement to consult may be carried out before the requirements come into force, as outlined in sub-paragraph (4).
	Sub-paragraph (5) sets out that regulations may make provision whereby a person who becomes a regulated person may, for a specified transition period after becoming a regulated person:
not have Part 1 requirements applied to them; or
have modified Part 1 requirements applied to them.
	Sub-paragraph (6) allows for the Secretary of State to specify in regulations that a group of undertakings may be treated as one regulated person instead of multiple regulated persons, in such circumstances and for such purposes as may be provided.
	Sub-paragraph (7) defines the terms "group" and "undertaking" for the purposes of paragraph 7 as those used in the Companies Act 2006.