Valid from 01/12/2001
X1179 Acquiring control.U.K.
(1)For the purposes of this Part, a person (“the acquirer”) acquires control over a UK authorised person (“A”) on first falling within any of the cases in subsection (2).
(2)The cases are where the acquirer—
(a)holds 10% or more of the shares in A;
(b)is able to exercise significant influence over the management of A by virtue of his shareholding in A;
(c)holds 10% or more of the shares in a parent undertaking (“P”) of A;
(d)is able to exercise significant influence over the management of P by virtue of his shareholding in P;
(e)is entitled to exercise, or control the exercise of, 10% or more of the voting power in A;
(f)is able to exercise significant influence over the management of A by virtue of his voting power in A;
(g)is entitled to exercise, or control the exercise of, 10% or more of the voting power in P; or
(h)is able to exercise significant influence over the management of P by virtue of his voting power in P.
(3)In subsection (2) “the acquirer” means—
(a)the acquirer;
(b)any of the acquirer’s associates; or
(c)the acquirer and any of his associates.
(4)For the purposes of this Part, each of the following is to be regarded as a kind of control—
(a)control arising as a result of the holding of shares in A;
(b)control arising as a result of the holding of shares in P;
(c)control arising as a result of the entitlement to exercise, or control the exercise of, voting power in A;
(d)control arising as a result of the entitlement to exercise, or control the exercise of, voting power in P.
(5)For the purposes of this section and sections 180 and 181, “associate”, “” and “voting power” have the same meaning as in section 422.
Editorial Information
X1The substitution of ss. 178-191G for ss. 178-191 on 21.3.2009 which involves the insertion of several new headings in Pt. XII gives rise to a change in the structure of this legislation on SLD which breaks the continuity of historical versions of the existing provisions which are now brought under those new headings.