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))

Acquiring or increasing control: procedure

X1186 Objection to acquisition of control.

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.

C36

“Consumers” means persons who are consumers for the purposes of section 138.