C1C2Part XII Control Over Authorised Persons
Pt. 12 applied (with modifications) (30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 62, Sch. 3 para. 4 (with reg. 3) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(d)(e))
F1Assessment procedure
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)
X1185Assessment: general
1
Where the Authority receives a section 178 notice, it must—
a
determine whether to approve the acquisition to which it relates unconditionally; or
b
propose to—
i
approve the acquisition subject to conditions (see section 187); or
ii
object to the acquisition.
2
The Authority must—
a
consider the suitability of the section 178 notice-giver and the financial soundness of the acquisition in order to ensure the sound and prudent management of the UK authorised person;
b
have regard to the likely influence that the section 178 notice-giver will have on the UK authorised person; and
c
disregard the economic needs of the market.
3
The Authority may only object to an acquisition—
a
if there are reasonable grounds for doing so on the basis of the matters set out in section 186; or
b
if the information provided by the section 178 notice-giver is incomplete.
Pt. 12 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a) (with art. 23(2))