(1)Section 62(1) is subject to this section.
(2)The approved regulator need not act as required by that section in relation to any exemptible investor in the licensed provider.
(3)Licensing rules must explain—
(a)any circumstances in which the approved regulator proposes to rely on subsection (2),
(b)any threshold below the percentage specified in subsection (4) by reference to which it proposes to rely on subsection (2),
(c)where it proposes to rely on subsection (2), its reasons.
(4)In subsection (2), an “exemptible investor” is an investor who has less than a 10% stake in the total ownership or control of the licensed provider.