This Guidance does not create any privileges, benefits, or rights, substantive or procedural, enforceable by any individual, organization, party, or witness in any administrative, civil, or criminal matter.



Branches and operating divisions of a listed entity are, by definition, part of the listed entity. They are not legally distinct entities. Therefore, with one exception pertaining to hospitals and medical centers of the Department of Atomic Energy entities in India (see FAQ #39), the licensing and other obligations imposed on a listed entity also apply to its branches and operating divisions.

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