The Financial Services and Markets Act 2000 (Controllers) (Exemption) (No. 2) Order 2001

Acquiring and increasing control over an authorised building society

2.—(1) In any case where a person (“the acquirer”)—

(a) proposes to take a step which would result in his—

(i) acquiring control over an authorised building society in the case mentioned in paragraph (a) of subsection (2) of section 179 of the Act (holding of 10% or more of the shares), or

(ii) acquiring an additional kind of control over such a society of the kind mentioned in paragraph (a) of subsection (4) of that section (holding of shares), or

(b) without himself taking any such step, has acquired such control or such an additional kind of control over such a society,

the acquirer is exempt from any obligation imposed by section 178 of the Act to notify the Authority of his proposal or his acquisition unless paragraph (2) applies.

(2) This paragraph applies if the proposed step would result in the acquirer holding, or the acquirer holds, a holding of 10% or more of the capital of that authorised building society.

(3) In paragraph (2), “acquirer” means—

(a) the acquirer;

(b) any of the acquirer’s associates; or

(c) the acquirer and any of his associates.

(4) In any case where a controller of an authorised building society—

(a) proposes to take a step which would result in his acquiring an increase of his control over that society in the circumstances mentioned in paragraph (a) of subsection (1) of section 180 of the Act (increase in percentage of shares), or

(b) without himself taking any such step, has acquired increased control over that society in those circumstances,

the controller is exempt from any obligation imposed by section 178 of the Act to notify the Authority of his proposal or his acquisition unless paragraph (5) applies.

(5) This paragraph applies if the proposed step would result in the controller increasing, or the controller has increased, his holding of the capital of that authorised building society by any of the steps mentioned in section 180(2) of the Act.

(6) In paragraph (5), “controller” means—

(a) the controller;

(b) any of the controller’s associates; or

(c) the controller and any of his associates.