C1C2C3C4 Part XII Control Over Authorised Persons

Annotations:
Modifications etc. (not altering text)
C1

Pt. 12 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a) (with art. 23(2))

C3

Pt. 12 excluded (26.7.2013 for specified purposes, 2.9.2013 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(5), 59(7)

C4

Pt. 12 applied (with modifications) (13.8.2017 for specified purposes, 13.10.2017 in so far as nt already in force) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(b)(iii)(3)(c), Sch. 6 para. 5 (with reg. 3)

F1Acquiring control and other changes of holding

Annotations:
Amendments (Textual)
F1

Ss. 178-191G and cross-headings substituted (21.3.2009) for ss. 178-191 and cross-headings by The Financial Services and Markets Act 2000 (Controllers) Regulations 2009 (S.I. 2009/534), reg. 3, Sch. 1 (with reg. 8)

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.