Part XVIIIRecognised investment exchanges, clearing houses and CSDs

F1CHAPTER 1ACONTROL OVER RECOGNISED INVESTMENT EXCHANGE

Acquiring and increasing control

301DAcquiring and increasing control

(1)

 For the purposes of this Chapter, a person (“A”) acquires control over a recognised investment exchange (“B”) if any of the cases in subsection (2) begin to apply.

(2)

The cases are where A holds—

(a)

20% or more of the shares in B or in a parent undertaking of B (“P”);

(b)

20% or more of the voting power in B or P; or

(c)

shares or voting power in B or P as a result of which A is able to exercise significant influence over the management of B.

(3)

For the purposes of this Chapter, a person (“A”) increases control over a recognised investment exchange (“B”) whenever—

(a)

the percentage of shares which A holds in B or in a parent undertaking of B (“P”) increases from less than 50% to 50% or more;

(b)

the percentage of voting power A holds in B or P increases from less than 50% to 50% or more; or

(c)

A becomes a parent undertaking of B.