C1 Part XVIIIF2Recognised investment exchanges, clearing houses F3, CSDs and other parties
Words in Pt. 18 heading substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 18(2), 86(3); S.I. 2023/779, reg. 4(m)
Pt. 18 applied in part (with modifications) (12.12.2011) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), reg. 7, Sch. 2 (as amended (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 37 (with regs. 7(4), 9(1)))
F1CHAPTER 1ACONTROL OVER RECOGNISED INVESTMENT EXCHANGE
Pt. 18 Ch. 1A substituted (21.3.2009) by virtue of The Financial Services and Markets Act 2000 (Controllers) Regulations 2009 (S.I. 2009/534), reg. 5, Sch. 2 (with reg. 8)
Acquiring and increasing control
301DAcquiring and increasing control
1
For the purposes of this Chapter, a person (“A”) acquires control over a recognised investment exchange (“B”) if any of the cases in subsection (2) begin to apply.
2
The cases are where A holds—
a
20% or more of the shares in B or in a parent undertaking of B (“P”);
b
20% 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.
3
For the purposes of this Chapter, a person (“A”) increases control over a recognised investment exchange (“B”) whenever—
a
the percentage of shares which A holds in B or in a parent undertaking of B (“P”) increases from less than 50% to 50% or more;
b
the percentage of voting power A holds in B or P increases from less than 50% to 50% or more; or
c
A becomes a parent undertaking of B.
Pt. 18 heading substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(8) (with regs. 7(4), 9(1))