Part XXVIII MiscellaneousF1

Annotations:
Amendments (Textual)
F1

Ss. 412A, 412B and preceding cross-heading inserted (1.4.2007 for certain purposes and 1.11.2007 otherwise) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(5), Sch. 5 para. 18

Third countries

406 Interpretation of section 405.

1

For the purposes of section 405, a person (“the acquirer”) acquires a 50% stake in a UK authorised person (“A”) on first falling within any of the cases set out in subsection (2).

2

The cases are where the acquirer—

a

holds 50% or more of the shares in A;

b

holds 50% or more of the shares in a parent undertaking (“P”) of A;

c

is entitled to exercise, or control the exercise of, 50% or more of the voting power in A; or

d

is entitled to exercise, or control the exercise of, 50% or more of the voting power in P.

3

In subsection (2) “the acquirer” means—

a

the acquirer;

b

any of the acquirer’s associates; or

c

the acquirer and any of his associates.

4

“Associate”, “shares” and “voting power” have the same meaning as in section 422.