(1)A person who becomes a significant shareholder in relation to an authorised institution incorporated in the United Kingdom shall within seven days give written notice of that fact to the [F1Authority].
[F2(2)For the purposes of this section “”, in relation to an institution, means a person who is not a shareholder controller but who, either alone or with any associate or associates—
(a)holds 5 per cent. or more of the shares in the institution or another institution of which it is a subsidiary undertaking; or
(b)is entitled to exercise, or control the exercise of, 5 per cent. or more of the voting power at any general meeting of the institution or of another institution of which it is such an undertaking;
and in this subsection “” has the same meaning as in Part VII of the Companies Act 1985 or Part VIII of the Companies (Northern Ireland) Order 1986.]
(3)Subject to subsection (4) below, any person who contravenes subsection (1) above shall be guilty of an offence.
(4)A person shall not be guilty of an offence under subsection (3) above if he shows that he did not know of the acts or circumstances by virtue of which he became a significant shareholder in relation to the institution; but where any person becomes such a shareholder without such knowledge and subsequently becomes aware of the fact that he has become such a shareholder he shall be guilty of an offence unless he gives the [F1Authority] written notice of the fact that he has become such a shareholder within fourteen days of becoming aware of that fact.
(5)A person guilty of an offence under this section shall be liable on summary conviction to a fine not exceeding the fifth level on the standard scale.
Textual Amendments
F1Words in s. 37 substituted (1.6.1998) by 1998 c. 11, s. 23, Sch. 5 Pt. I Ch. I para.11; S.I. 1998/1120, art. 2
F2S. 37(2) substituted (1.1.1993) by S.I. 1992/3218, reg. 34(with savings in reg. 46(a)).