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Financial Services and Markets Act 2000

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[F1X1183Reducing or ceasing to have controlE+W+S+N.I.
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Amendments (Textual)

F1Ss. 178-191G and cross-headings substituted (21.3.2009) for ss. 178-191 and cross-headings by The Financial Services and Markets Act 2000 (Controllers) Regulations 2009 (S.I. 2009/534), reg. 3, Sch. 1 (with reg. 8)

This sectionnoteType=Explanatory Notes has no associated

(1) For the purposes of this Part, a person (“A”) reduces control over a UK authorised person (“B”) whenever—

(a)the percentage of shares which A holds in B or in a parent undertaking of B (“P”) decreases by any of the steps mentioned in subsection (2);

(b)the percentage of voting power which A holds in B or P decreases by any of the steps mentioned in subsection (2); or

(c)A ceases to be a parent undertaking of B.

(2)The steps are—

(a)from 50% or more to less than 50%;

(b)from 30% or more to less than 30%;

(c)from 20% or more to less than 20%.

(3)For the purposes of this Part, a person (“A”) ceases to have control over a UK authorised person (“B”) if A ceases to be in the position of holding—

(a)10% or more of the shares in B or in a parent undertaking of B (“P”);

(b)10% or more of the voting power in B or P; or

(c)shares or voting power in B or P as a result of which A is able to exercise significant influence over the management of B.]

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Editorial Information

X1The substitution of ss. 178-191G for ss. 178-191 on 21.3.2009 which involves the insertion of several new headings in Pt. XII gives rise to a change in the structure of this legislation on SLD which breaks the continuity of historical versions of the existing provisions which are now brought under those new headings.

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