C1C2Part 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))

F1Assessment procedure

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)

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.