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Reducing control: procedure |
| Notification. |
162. - (1) If a step which a controller of a UK authorised person proposes to take would result in his-
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(a) ceasing to have control of a relevant kind over the authorised person, or |
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(b) reducing a relevant kind of control over that person, |
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he must notify the Authority of his proposal.
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(2) A controller of a UK authorised person who, without himself taking any such step, ceases to have that control or reduces that 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-
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(a) he has ceased to have the control in question; or |
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(b) he has reduced that control. |
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(3) A person who is under the duty to notify the Authority imposed by subsection (1) must also give a notice to the Authority-
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(a) on ceasing to have the control in question; or |
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(b) on reducing that control. |
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(4) A notice under this section must-
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(a) be given to the Authority in writing; and |
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(b) include details of the extent of the control (if any) which the person concerned will retain (or still retains) over the authorised person concerned. |
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Offences |
| Offences under this Part. |
163. - (1) A person who fails to comply with the duty to notify the Authority imposed on him by section 150(1) or 162(1) is guilty of an offence.
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(2) A person who fails to comply with the duty to notify the Authority imposed on him by section 150(2) or 162(2) is guilty of an offence.
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(3) If a person who has given a notice of control to the Authority carries out the proposal to which the notice relates, he is guilty of an offence if-
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(a) the period of three months beginning with the date on which the Authority received the notice is still running; and |
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(b) the Authority has not responded to the notice by either giving its approval or giving him a warning notice under section 155(3) or 157(3). |
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(4) A person to whom the Authority has given a warning notice under section 155(3) is guilty of an offence if he carries out the proposal to which the notice relates before the Authority has decided whether to give him a notice of objection.
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(5) A person to whom a notice of objection has been given is guilty of an offence if he acquires the control to which the notice applies at a time when the notice is still in force.
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(6) A person guilty of an offence under subsection (1), (2), (3) or (4) is liable on summary conviction to a fine not exceeding level 5 on the standard scale.
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(7) A person guilty of an offence under subsection (5) is liable-
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(a) on summary conviction, to a fine not exceeding the statutory maximum; and |
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(b) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine, or both. |
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(8) A person guilty of an offence under subsection (5) is also liable on summary conviction to a fine not exceeding one tenth of the statutory maximum for each day on which the offence has continued.
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(9) It is a defence for a person charged with an offence under subsection (1) to show that he had, at the time of the alleged offence, no knowledge of the act or circumstances by virtue of which the duty to notify the Authority arose.
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(10) If a person-
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(a) was under the duty to notify the Authority imposed by section 150(1) or 162(1) but had no knowledge of the act or circumstances by virtue of which that duty arose, but |
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(b) subsequently becomes aware of that act or those circumstances, |
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he must notify the Authority before the end of the period of 14 days beginning with the day on which he first became so aware.
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(11) A person who fails to comply with the duty to notify the Authority imposed by subsection (10) is guilty of an offence and liable, on summary conviction, to a fine not exceeding level 5 on the standard scale.
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Miscellaneous |
| Power to change definitions of control etc. |
164. The Treasury may by order-
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(a) amend section 151 by varying, or removing, any of the cases in which a person is treated as having control over a UK authorised person or by adding a case; |
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(b) amend section 152 by varying, or removing, any of the cases in which a person is treated as increasing control over a UK authorised person or by adding a case; |
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(c) amend section 153 by varying, or removing, any of the cases in which a person is treated as reducing his control over a UK authorised person or by adding a case; |
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(d) amend section 367 by varying, or removing, any of the cases in which a person is treated as being a controller of a person or by adding a case. |
