Financial Services and Markets Act 2000

190 Notification

(1) If a step which a controller of a UK authorised person proposes to take would result in his—

(a) ceasing to have control of a relevant kind over the authorised person, or

(b) reducing a relevant kind of control over that person,

he must notify the Authority of his proposal.

(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 14 days beginning with the day on which he first becomes aware that—

(a) he has ceased to have the control in question; or

(b) he has reduced that control.

(3) A person who is under the duty to notify the Authority imposed by subsection (1) must also give a notice to the Authority—

(a) on ceasing to have the control in question; or

(b) on reducing that control.

(4) A notice under this section must—

(a) be given to the Authority in writing; and

(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.