406 Interpretation of section 405.U.K.
This section has no associated Explanatory Notes
(1)For the purposes of section 405, a person (“the acquirer”) acquires a 50% stake in a UK authorised person (“A”) on first falling within any of the cases set out in subsection (2).
(2)The cases are where the acquirer—
(a)holds 50% or more of the shares in A;
(b)holds 50% or more of the shares in a parent undertaking (“P”) of A;
(c)is entitled to exercise, or control the exercise of, 50% or more of the voting power in A; or
(d)is entitled to exercise, or control the exercise of, 50% or more of the voting power in P.
(3)In subsection (2) “the acquirer” means—
(a)the acquirer;
(b)any of the acquirer’s associates; or
(c)the acquirer and any of his associates.
(4)“Associate”, “” and “voting power” have the same meaning as in section 422.