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Part XII U.K. Control Over Authorised Persons

Modifications etc. (not altering text)

C1 Pt. 12 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a) (with art. 23(2))

C2 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))

Acquiring or increasing control: procedure U.K.

X1 184 Approval of acquisition of control. U.K.

(1) If the Authority decides to approve of the person concerned having the control to which the notice relates it must notify that person of its approval in writing without delay.

(2) If the Authority fails to comply with subsection (1) of section 183 it is to be treated as having given its approval and notified the person concerned at the end of the period fixed by that subsection.

(3) The Authority’s approval remains effective only if the person to whom it relates acquires the control in question—

(a) before the end of such period as may be specified in the notice; or

(b) if no period is specified, before the end of the period of one year beginning with the date—

(i) of the notice of approval;

(ii) on which the Authority is treated as having given approval under subsection (2); or

(iii) of a decision on a reference to the Tribunal which results in the person concerned receiving approval.

Editorial Information

X1 The substitution of ss. 178-191G for ss. 178-191 on 21.3.2009 which involves the insertion of several new headings in Pt. XII gives rise to a change in the structure of this legislation on SLD which breaks the continuity of historical versions of the existing provisions which are now brought under those new headings.

Modifications etc. (not altering text)

C3 S. 184(1) extended (1.12.2001) by S.I. 2001/2637, arts. 1, 5(2); S.I. 2001/3538, art. 2(1)

C4 S. 184(2) extended (1.12.2001) by S.I. 2001/2637, arts. 1, 5(3); S.I. 2001/3538, art. 2(1)

C5 S. 184(3) applied (with modifications) (1.12.2001) by S.I. 2001/2637, arts. 1, 5(4)(5); S.I. 2001/3538, art. 2(1)