SCHEDULE 8Investors in licensed providers

Exemption from notification requirements

4

(1)

An approved regulator may in relation to any exemptible investor in a licensed provider waive the requirements to give it information (or notification) under paragraphs 1 and 3.

(2)

Licensing rules must explain—

(a)

any circumstances in which the approved regulator proposes to rely on sub-paragraph (1),

(b)

any threshold below the percentage specified in sub-paragraph (3) by reference to which it proposes to rely on sub-paragraph (1),

(c)

where it proposes to rely on sub-paragraph (1), its reasons.

(3)

In sub-paragraph (1), an “exemptible investor” is (as the case may be)—

(a)

an investor who has less than a 10% stake in the total ownership or control of the licensed provider, or

(b)

a person whose intended acquisition of an interest in the licensed provider is of less than a 10% stake in the total ownership or control of the licensed provider.