Part XII Control Over Authorised Persons
F1Acquiring control and other changes of holding
X1183Reducing or ceasing to have control
(1)
For the purposes of this Part, a person (“A”) reduces control over a UK authorised person (“B”) whenever—
(a)
the percentage of shares which A holds in B or in a parent undertaking of B (“P”) decreases by any of the steps mentioned in subsection (2);
(b)
the percentage of voting power which A holds in B or P decreases by any of the steps mentioned in subsection (2); or
(c)
A ceases to be a parent undertaking of B.
(2)
The steps are—
(a)
from 50% or more to less than 50%;
(b)
from 30% or more to less than 30%;
(c)
from 20% or more to less than 20%.
(3)
For the purposes of this Part, a person (“A”) ceases to have control over a UK authorised person (“B”) if A ceases to be in the position of holding—
(a)
10% or more of the shares in B or in a parent undertaking of B (“P”);
(b)
10% or more of the voting power in B or P; or
(c)
shares or voting power in B or P as a result of which A is able to exercise significant influence over the management of B.