SCHEDULE 8Investors in licensed providers
4Exemption from notification requirements
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.