Financial Services and Markets Act 2000

Financial Services and Markets Act 2000

2000 CHAPTER 8

Commentary on Sections

Part Xii: Control Over Authorised Persons

Section 190: Notification

380. This section concerns notification of reductions in, and cessations of, control, whether or not the reduction or cessation is intentional.

381. Under subsection (1) a person who proposes to reduce the control that they have over a UK authorised person, or to cease to have any control, must notify the Authority that that is their intention.  The circumstances in which a reduction in control triggers this notification requirement are set out in section 181.  A person required to notify the Authority under this subsection must, under subsection (3), notify the Authority again when the proposed reduction or cessation of control actually occurs.

382. Subsection (2) requires persons whose control is reduced, or ceases, without themselves taking any action, to notify the Authority within 14 days of becoming aware of the reduction or cessation.

383. Subsection (4) sets out various requirements in relation to the notices given pursuant to this section.

384. The Authority has no power to make any objection in these circumstances but it is an offence to fail to give the necessary notification.