4(1)An approved regulator may in relation to any exemptible investor in a licensed provider waive the requirements to give it information (or notification) under paragraphs 1 and 3.S
(2)Licensing rules must explain—
(a)any circumstances in which the approved regulator proposes to rely on sub-paragraph (1),
(b)any threshold below the percentage specified in sub-paragraph (3) by reference to which it proposes to rely on sub-paragraph (1),
(c)where it proposes to rely on sub-paragraph (1), its reasons.
(3)In sub-paragraph (1), an “exemptible investor” is (as the case may be)—
(a)an investor who has less than a 10% stake in the total ownership or control of the licensed provider, or
(b)a person whose intended acquisition of an interest in the licensed provider is of less than a 10% stake in the total ownership or control of the licensed provider.
Commencement Information
I1Sch. 8 para. 4 in force at 1.4.2011 for specified purposes by S.S.I. 2011/180, art. 3, Sch.
I2Sch. 8 para. 4 in force at 2.7.2012 in so far as not already in force by S.S.I. 2012/152, art. 2, Sch.