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Version Superseded: 21/03/2009
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Financial Services and Markets Act 2000, Section 186 is up to date with all changes known to be in force on or before 18 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)On considering a notice of control, the Authority may give a decision notice under this section to the person acquiring control (“the acquirer”) unless it is satisfied that the approval requirements are met.
(2)The approval requirements are that—
(a)the acquirer is a fit and proper person to have the control over the authorised person that he has or would have if he acquired the control in question; and
(b)the interests of consumers would not be threatened by the acquirer’s control or by his acquiring that control.
(3)In deciding whether the approval requirements are met, the Authority must have regard, in relation to the control that the acquirer—
(a)has over the authorised person concerned (“A”), or
(b)will have over A if the proposal to which the notice of control relates is carried into effect,
to its duty under section 41 in relation to each regulated activity carried on by A.
(4)If the Authority gives a notice under this section but considers that the approval requirements would be met if the person to whom a notice is given were to take, or refrain from taking, a particular step, the notice must identify that step.
(5)A person to whom a notice under this section is given may refer the matter to the Tribunal.
(6)“Consumers” means persons who are consumers for the purposes of section 138.
Editorial Information
X1The substitution of ss. 178-191G for ss. 178-191 on 21.3.2009 which involves the insertion of several new headings in Pt. XII gives rise to a change in the structure of this legislation on SLD which breaks the continuity of historical versions of the existing provisions which are now brought under those new headings.
Modifications etc. (not altering text)
C1S. 186(6) modified (18.6.2001) by S.I. 2001/1821, arts. 1(1), 3(5)
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