C1C2Part XII Control Over Authorised Persons

Annotations:
Modifications etc. (not altering text)
C1

Pt. 12 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a) (with art. 23(2))

Acquiring, increasing and reducing control

X1180 Increasing control.

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—

a

the percentage of shares held by the controller in A increases by any of the steps mentioned in subsection (2);

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);

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);

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

e

the controller becomes a parent undertaking of A.

2

The steps are—

a

from below 10% to 10% or more but less than 20%;

b

from below 20% to 20% or more but less than 33%;

c

from below 33% to 33% or more but less than 50%;

d

from below 50% to 50% or more.

3

In paragraphs (a) to (d) of subsection (1) “the controller” means—

a

the controller;

b

any of the controller’s associates; or

c

the controller and any of his associates.

4

In the rest of this Part “acquiring control” or “having control” includes—

a

acquiring or having an additional kind of control; or

b

acquiring an increase in a relevant kind of control, or having increased control of a relevant kind.