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PART XI |
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CONTROL OVER AUTHORISED PERSONS |
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Notice of control |
| Obligation to notify the Authority. |
148. - (1) A person who proposes to take any step which will result in his acquiring-
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(a) control over a UK authorised person, |
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(b) an additional kind of control over a UK authorised person, or |
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(c) an increase in a relevant kind of control which he already has over a UK authorised person, |
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must notify the Authority of his proposal.
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(2) A person who, without himself taking any such step, acquires any such control or additional or increased control must notify the Authority before the end of the period of fourteen days beginning with the day on which he first becomes aware that he has acquired it.
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(3) In this Part "UK authorised person" means an authorised person who-
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(a) is a body incorporated in, or an unincorporated association formed under the law of, any part of the United Kingdom; and |
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(b) does not qualify for authorisation under Schedule 5. |
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(4) A notice under this section is referred to in this Part as "a notice of control".
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Acquiring, increasing and reducing control |
| Acquiring control. |
149. - (1) For the purposes of this Part, a person ("the acquirer") acquires control over a UK authorised person ("A") on first falling within any of the cases in subsection (2).
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(2) The cases are where the acquirer-
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(a) holds 10% or more of the shares in A; |
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(b) is able to exercise significant influence over the management of A by virtue of his shareholding in A; |
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(c) holds 10% or more of the shares in a parent undertaking ("P") of A; |
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(d) is able to exercise significant influence over the management of P by virtue of his shareholding in P; |
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(e) is entitled to exercise, or control the exercise of, 10% or more of the voting power in A; |
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(f) is able to exercise significant influence over the management of A by virtue of his voting power in A; |
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(g) is entitled to exercise, or control the exercise of, 10% or more of the voting power in P; or |
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(h) is able to exercise significant influence over the management of P by virtue of his voting power in P. |
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(3) In subsection (2) "the acquirer" means-
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(b) any of the acquirer's associates; or |
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(c) the acquirer and any of his associates. |
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(4) For the purposes of this Part, each of the following is to be regarded as a kind of control-
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(a) control arising as a result of the holding of shares in A; |
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(b) control arising as a result of the holding of shares in P; |
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(c) control arising as a result of the entitlement to exercise, or control the exercise of, voting power in A; |
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(d) control arising as a result of the entitlement to exercise, or control the exercise of, voting power in P. |
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(5) For the purposes of this section and sections 150 and 151, "associate", "shares" and "voting power" have the same meaning as in section 356.
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| Increasing control. |
150. - (1) For the purposes of this Part, a controller of a person ("A") who is a UK authorised person increases his control over A if-
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(a) the percentage of shares held by the controller in A increases by any of the steps mentioned in subsection (2); |
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(b) the percentage of shares held by the controller in a parent undertaking ("P") of A increases by any of the steps mentioned in subsection (2); |
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(c) the percentage of voting power which the controller is entitled to exercise, or control the exercise of, in A increases by any of the steps mentioned in subsection (2); |
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(d) the percentage of voting power which the controller is entitled to exercise, or control the exercise of, in P increases by any of the steps mentioned in subsection (2); or |
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(e) the controller becomes a parent undertaking of A. |
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(2) The steps are-
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(a) from below 10% to 10% or more but less than 20%; |
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(b) from below 20% to 20% or more but less than 33%; |
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(c) from below 33% to 33% or more but less than 50%; |
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(d) from below 50% to 50% or more. |
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(3) In paragraphs (a) to (d) of subsection (1) "the controller" means-
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(b) any of the controller's associates; or |
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(c) the controller and any of his associates. |
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(4) In the rest of this Part "acquiring control" or "having control" includes-
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(a) acquiring or having an additional kind of control; or |
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(b) acquiring an increase in a relevant kind of control, or having increased control of a relevant kind. |
| Reducing control. |
151. - (1) For the purposes of this Part, a controller of a person ("A") who is a UK authorised person reduces his control over A if-
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(a) the percentage of shares held by the controller in A decreases by any of the steps mentioned in subsection (2), |
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(b) the percentage of shares held by the controller in a parent undertaking ("P") of A decreases by any of the steps mentioned in subsection (2), |
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(c) the percentage of voting power which the controller is entitled to exercise, or control the exercise of, in A decreases by any of the steps mentioned in subsection (2), |
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(d) the percentage of voting power which the controller is entitled to exercise, or control the exercise of, in P decreases by any of the steps mentioned in subsection (2), or |
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(e) the controller ceases to be a parent undertaking of A, |
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unless the controller ceases to have the kind of control concerned over A as a result.
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(2) The steps are-
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(a) from 50% or more to 33% or more but less than 50%; |
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(b) from 33% or more to 20% or more but less than 33%; |
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(c) from 20% or more to 10% or more but less than 20%; |
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(d) from 10% or more to less than 10%. |
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(3) In paragraphs (a) to (d) of subsection (1) "the controller" means-
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(b) any of the controller's associates; or |
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(c) the controller and any of his associates. |
