Point in time view as at 01/04/2014.
Legal Services (Scotland) Act 2010, Cross Heading: Exemption from notification requirements is up to date with all changes known to be in force on or before 27 July 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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.S
(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.
Commencement Information
I1Sch. 8 para. 4 in force at 1.4.2011 for specified purposes by S.S.I. 2011/180, art. 3, Sch.
I2Sch. 8 para. 4 in force at 2.7.2012 in so far as not already in force by S.S.I. 2012/152, art. 2, Sch.
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