(1)The Secretary of State may make regulations for the purposes of this section (“notifiable acquisition regulations”).
(2)A notifiable acquisition takes place when a person gains control, by virtue of one or more of the cases described in subsection (2), (5) or (6) of section 8, of a qualifying entity of a specified description.
(3)But a notifiable acquisition does not take place if complying with the requirement to give a mandatory notice under section 14(1) would be impossible for the person within subsection (2).
(4)A description of qualifying entity that is specified must include provision that the entity carries on activities in the United Kingdom which are of a specified description (whether or not it also carries on other activities).
(5)Notifiable acquisition regulations may—
(a)amend this section in relation to the circumstances in which a notifiable acquisition takes place or does not take place,
(b)make provision for exemptions by reference to the characteristics of the person within subsection (2),
(c)make consequential amendments of other provisions of this Act.
(6)Notifiable acquisition regulations may by virtue of subsection (5)(a) include, in particular, provision about the circumstances in which the gaining of control of a qualifying asset of a specified description is a notifiable acquisition.
(7)A description specified under subsection (6) may only include qualifying assets within section 7(6) if it includes provision that any such asset is used in connection with activities carried on in the United Kingdom which are of a specified description (whether or not it is also used in connection with other activities).
(8)In this section “specified” means specified in notifiable acquisition regulations.
Commencement Information
I2S. 6(2)-(8) in force at 1.7.2021 by S.I. 2021/788, reg. 2(b)