Part XIIControl Over Authorised Persons

Acquiring or increasing control: procedure

183Duty of Authority in relation to notice of control

1

The Authority must, before the end of the period of three months beginning with the date on which it receives a notice of control (“the period for consideration”), determine whether—

a

to approve of the person concerned having the control to which the notice relates; or

b

to serve a warning notice under subsection (3) or section 185(3).

2

Before doing so, the Authority must comply with such requirements as to consultation with competent authorities outside the United Kingdom as may be prescribed.

3

If the Authority proposes to give the person concerned a notice of objection under section 186(1), it must give him a warning notice.