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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 16 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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The matters specified in section 185(3)(a) are—
(a)the reputation of the section 178 notice-giver;
(b)the reputation [F2, knowledge, skills] and experience of any person who will direct the business of the UK authorised person as a result of the proposed acquisition;
(c)the financial soundness of the section 178 notice-giver, in particular in relation to the type of business that the UK authorised person pursues or envisages pursuing;
(d)whether the UK authorised person will be able to comply with its prudential requirements (including the threshold conditions in relation to all of the regulated activities for which it has or will have permission);
(e)if the UK authorised person is to become part of a group as a result of the acquisition, whether that group has a structure which makes it possible to—
(i)exercise effective supervision;
(ii)exchange information among regulators; and
(iii)determine the allocation of responsibility among regulators; and
(f)whether there are reasonable grounds to suspect that in connection with the proposed acquisition—
(i)money laundering or terrorist financing ([F3as defined in regulation 3(1) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017]) is being or has been committed or attempted; or
(ii)the risk of such activity could increase.]
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.
Textual Amendments
F1Ss. 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)
F2Words in s. 186(b) inserted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 11
F3Words in s. 186(f)(i) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 50; 2020 c. 1, Sch. 5 para. 1(1)
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