Disclosure of Interests in Shares (Amendment) Regulations (Northern Ireland) 1994

Article 207

4.—(1) In Article 207(1) (interests to be disclosed) for paragraph (2) there shall be substituted the following paragraphs—

“(2) Where a person is interested in shares comprised in relevant share capital, then—

(a) if in some or all of those shares he has interests which are material interests, he has a notifiable interest at any time when the aggregate nominal value of the shares in which those material interests subsist is equal to or more than 3 per cent. of the nominal value of that share capital; and

(b) he has a notifiable interest at any time when, not having such an interest by virtue of sub-paragraph (a), the aggregate nominal value of the shares in which he has interests (whether or not including material interests) is equal to or more than 10 per cent. of the nominal value of the relevant share capital.

(2A) For the purposes of this Part, a material interest is any interest other than—

(a) an interest which a person authorised to manage investments belonging to another has by virtue of having the management of such investments under an agreement in or evidenced in writing;

(b) an interest which a person has by virtue of being the operator of—

(i) an authorised unit trust scheme;

(ii) a recognised scheme; or

(iii) a UCITS (as defined in paragraph (8)); or

(c) an interest in shares in a listed company which, if that company were not listed, would fall to be disregarded by virtue of Article 217(10);

(d) an interest of another which a person is taken to have by virtue of the application of Article 211 (notification of family and corporate interests) or 213 (obligation of disclosure arising under Article 212) where the interest of that other person falls within sub-paragraph (a), (b) or (c).”.

(2) In paragraph (5) of that Article, after the words “Article 206(1)” there shall be inserted “or (3)”.

(3) After paragraph (5) of that Article there shall be inserted the following paragraphs—

“(6) For the purposes of paragraph 2A, a person is authorised to manage investments belonging to another if—

(a) he is an authorised person under Chapter III of Part I of the Financial Services Act 1986(2) and may manage that other’s investments without contravening any prohibition mentioned in paragraph (7); or

(b) he is an authorised credit institution which may manage that other’s investments without being in breach of its authorisation.

(7) The prohibitions referred to in paragraph (6)(a) are—

(a) any prohibition contained in rules—

(i) which make provision of a description mentioned in section 48(2)(a) and (b) of the Financial Services Act 1986; and

(ii) which are made by the Secretary of State, the Treasury, a designated agency, a recognised professional body or a recognised self-regulating organisation, and

(b) any prohibition imposed under section 65 of that Act.

(8) In this Part “UCITS” means a collective investment scheme which—

(a) is constituted in a member State other than the United Kingdom; and

(b) complies with the conditions necessary for it to enjoy the rights conferred by Council Directive 85/611/EEC(3) co-ordinating the laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities;

and sub-section (8) of section 86 of the Financial Services Act 1986 (meaning of “constituted in a Member State”) applies for the purposes of sub-paragraph (a) as it applies for the purposes of that section.”.

(1)

Article 207(2) was amended by Article 69(2) of the Companies (No. 2) (Northern Ireland) Order 1990

(2)

1986 c. 60

(3)

OJ No. L375 31.12.85 p. 3