Part XXVIII

Miscellaneous

Third countries

Interpretation of section 405
406
1
For the purposes of section 405, a person (“the acquirer”) acquires a 50% stake in a UK authorised person (“A”) on first falling within any of the cases set out in subsection (2).
2
The cases are where the acquirer—
a
holds 50% or more of the shares in A;
b
holds 50% or more of the shares in a parent undertaking (“P”) of A;
c
is entitled to exercise, or control the exercise of, 50% or more of the voting power in A; or
d
is entitled to exercise, or control the exercise of, 50% or more of the voting power in P.
3
In subsection (2) “the acquirer” means—
a
the acquirer;
b
any of the acquirer’s associates; or
c
the acquirer and any of his associates.
4
“Associate”, “shares” and “voting power” have the same meaning as in section 422.