C1C2Part XII Control Over Authorised Persons
Pt. 12 applied (with modifications) (30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 62, Sch. 3 para. 4 (with reg. 3) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(d)(e))
F1Acquiring control and other changes of holding
Ss. 178-191G and cross-headings substituted (21.3.2009) for ss. 178-191 and cross-headings by The Financial Services and Markets Act 2000 (Controllers) Regulations 2009 (S.I. 2009/534), reg. 3, Sch. 1 (with reg. 8)
X1183Reducing or ceasing to have control
1
For the purposes of this Part, a person (“A”) reduces control over a UK authorised person (“B”) whenever—
a
the percentage of shares which A holds in B or in a parent undertaking of B (“P”) decreases by any of the steps mentioned in subsection (2);
b
the percentage of voting power which A holds in B or P decreases by any of the steps mentioned in subsection (2); or
c
A ceases to be a parent undertaking of B.
2
The steps are—
a
from 50% or more to less than 50%;
b
from 30% or more to less than 30%;
c
from 20% or more to less than 20%.
3
For the purposes of this Part, a person (“A”) ceases to have control over a UK authorised person (“B”) if A ceases to be in the position of holding—
a
10% or more of the shares in B or in a parent undertaking of B (“P”);
b
10% or more of the voting power in B or P; or
c
shares or voting power in B or P as a result of which A is able to exercise significant influence over the management of B.
Pt. 12 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a) (with art. 23(2))