SCHEDULES
SCHEDULE 13Ownership of licensed bodies
Part 5Enforcement
Records of decisions
Power to notify Board where share limit or voting limit breached
I149
1
This paragraph applies if the relevant licensing rules make the provision mentioned in paragraph 38(1)(a) or (b).
2
The licensing authority may, if it considers it appropriate to do so in all the circumstances of the case, notify the Board where a non-authorised person acquires—
a
a shareholding in a licensed body or parent undertaking of a licensed body which exceeds the share limit, or
b
an entitlement to exercise, or control the exercise of, voting rights in a licensed body or parent undertaking of a licensed body which exceeds the voting limit.
3
If the licensing authority proposes to make a notification under sub-paragraph (2), it must give the person and the licensed body a warning notice.
4
The warning notice must—
a
specify the reasons for the proposed notification, and
b
state that representations may be made to the licensing authority within the prescribed period.
5
The licensing authority must consider any representations made within the prescribed period.
6
If the licensing authority notifies the Board under sub-paragraph (2), it must give the person concerned and the licensed body a copy of the notification and a notice stating the reasons for the notification.
7
If the share limit or voting limit is breached in relation to a parent undertaking of a licensed body, references in sub-paragraphs (3) and (6) to the licensed body include the parent undertaking.