SCHEDULES
SCHEDULE 13Ownership of licensed bodies
Part 1Introductory
Material interest
I13
1
For the purposes of this Part of this Act, a person holds a material interest in a body (“B”) if the person—
a
holds at least 10% of the shares in B,
b
is able to exercise significant influence over the management of B by virtue of the person's shareholding in B,
c
holds at least 10% of the shares in a parent undertaking (“P”) of B,
d
is able to exercise significant influence over the management of P by virtue of the person's shareholding in P,
e
is entitled to exercise, or control the exercise of, voting power in B which, if it consists of voting rights, constitutes at least 10% of the voting rights in B,
f
is able to exercise significant influence over the management of B by virtue of the person's entitlement to exercise, or control the exercise of, voting rights in B,
g
is entitled to exercise, or control the exercise of, voting power in P which, if it consists of voting rights, constitutes at least 10% of the voting rights in P,
h
is able to exercise significant influence over the management of P by virtue of the person's entitlement to exercise, or control the exercise of, voting rights in P.
2
Licensing rules made by the relevant licensing authority may provide—
a
that the references in sub-paragraph (1) to 10% are to have effect as references to such lesser percentage as may be specified in the rules;
b
that in relation to a partnership, for the purposes of this Part a person has a material interest in the partnership if he is a partner (whether or not the person has a material interest by virtue of sub-paragraph (1)).
3
For the purposes of sub-paragraph (1) “the person” means—
a
the person,
b
any of the person's associates, or
c
the person and any of the person's associates taken together.
4
For the purposes of this Schedule, material interests held by virtue of different paragraphs of sub-paragraph (1) are restricted interests of different kinds.