The following Financial Services guidance note provides comprehensive and up to date legal information covering:
Part XII of the Financial Services and Markets Act 2000 (FSMA 2000) requires controllers and proposed controllers to seek approval from the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) before acquiring or increasing control in a UK authorised firm, and to notify the relevant regulator when decreasing or ceasing control in a firm. The FCA and PRA also require UK authorised firms to notify them when a person reduces or ceases to have control in the firm.
This Practice Note provides an introduction to the key concepts of the controllers regime, including the meanings of ‘controller’, ‘control’ and ‘control band’ and related terms.
For practical steps that controllers and proposed controllers need to consider when acquiring/increasing or disposing/decreasing control, see Change in control process—checklist.
For further reading on the FSMA 2000 controllers regime, see Practice Notes:
Obligations of controllers—acquiring and increasing control
Obligations of controllers—reducing or ceasing control
FSMA 2000 controllers regime—obligations for firms
FSMA 2000 controllers regime—fund managers
Enforcement of the FSMA 2000 controllers regime
The regime for changes of control in authorised firms is set out in FSMA 2000, Pt XII. The Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009, SI 2009/774 (Controllers Exemption Order) was made under FSMA 2000, ss 192(a) and 428(3) to create exemptions from the obligations to notify the
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