- Latest available (Revised)
- Point in Time (01/12/2001)
- Original (As enacted)
Version Superseded: 13/02/2004
Point in time view as at 01/12/2001. This version of this provision has been superseded.
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
Companies Act 1985, Section 199 is up to date with all changes known to be in force on or before 22 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
(1)For purposes of the obligation of disclosure, the interests to be taken into account are those in relevant share capital of the company concerned.
[F1(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 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 [F2who may lawfully] 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 subsection (8));
[F3(bb)an interest belonging to an [F4open-ended investment company];]
(c)an interest in shares in a listed company which, if that company were not listed, would fall to be disregarded by virtue of section 209(10); or
(d)an interest of another which a person is taken to have by virtue of the application of section 203 or 205, where the interest of that other person falls within paragraph [F5(a), (b),(bb) or (c)].]
(3)All facts relevant to determining whether a person has a notifiable interest at any time (or the percentage level of his interest) are taken to be what he knows the facts to be at that time.
(4)The obligation of disclosure arises under section 198(1) or (3) where the person has a notifiable interest immediately after the relevant time, but did not have such an interest immediately before that time.
(5)The obligation also arises under section 198(1) [F6or (3)] where—
(a)the person had a notifiable interest immediately before the relevant time, but does not have such an interest immediately after it, or
(b)he had a notifiable interest immediately before that time, and has such an interest immediately after it, but the percentage levels of his interest immediately before and immediately after that time are not the same.
[F7(6)For the purposes of subsection (2A), a person (“A”) may lawfully manage investments belonging to another if—
(a)A can manage those investments in accordance with a permission which A has under Part 4 of the Financial Services and Markets Act 2000;
(b)A is an EEA firm of the kind mentioned in sub-paragraph (a) or (b) of paragraph 5 of Schedule 3 to that Act, and can manage those investments in accordance with its EEA authorisation;
(c)A can, in accordance with section 327 of that Act, manage those investments without contravening the prohibition contained in section 19 of that Act; or
(d)A can lawfully manage those investments in another Member State and would, if he were to manage those investments in the United Kingdom, require permission under Part 4 of that Act.
F7(7)References in this section to the management of investments must be read with—
(a)section 22 of the Financial Services and Markets Act 2000;
(b)any relevant order under that section; and
(c)Schedule 2 to that Act.]
[F8(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)[F9is certified by the competent authority in that member State as complying with the conditions imposed]by Council Directive 85/611/EEC M1 co-ordinating the laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities;
and [F10subsection (5) of section 264 of the Financial Services and Markets Act 2000] (meaning of “constituted in a member State”) applies for the purposes of paragraph (a) of this subsection as it applies for the purposes of that section.]
Textual Amendments
F1S. 199(2)(2A) substituted (18.9.1993) for s. 199(2) by S.I. 1993/1819, reg. 4(1)
F2Words in s. 199(2A)(a) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 8(1)(2)
F3S. 199(2A)(bb) inserted (6.1.1997) by S.I 1996/2827, reg. 75, Sch. 8 Pt. I para. 5
F4Words in s. 199(2A)(bb) substituted (1.12.2001) by S.I. 2001/1228, regs. 1(2)(3), 84, Sch. 7 para. 4(1)(2); S.I. 2001/3538, art. 2(1)
F5Words in s. 199(2A)(d) substituted (1.12.2001) by S.I. 2001/1228, regs. 1(2)(3), 84, Sch. 7 para. 4(1)(3); S.I. 2001/3538, art. 2(1)
F6Words in s. 199(5) inserted (18.9.1993) by S.I. 1993/1819, reg. 4(2)
F7S. 199(6)(7) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 8(1)(3)
F8S. 199(8) inserted (18.9.1993) by S.I. 1993/1819, reg. 4(3)
F9Words in s. 199(8)(b) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 8(1)(4)(a)
F10Words in s. 199(8) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 8(1)(4)(b)
Marginal Citations
M1OJ No L375, 31.12.85, p.3.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: