The following Financial Services practice 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.
This Practice Note provides an overview of the obligations of controllers to notify the appropriate regulator when decreasing or ceasing control in a UK authorised firm. The PRA requirements are set out in the Change in Control Part of the PRA Rulebook, and the FCA requirements are set out in Chapter 11 of the Supervision manual in the FCA Handbook (SUP 11). A summary of the FCA notification requirements is provided in SUP 11 Annex 1G.
For practical steps that controllers need to consider when disposing or decreasing control, see: Change in control process—checklist.
For more information on the key concepts of the controllers regime, including the concepts of ‘control’, ‘controller’ and ‘change in control’, see Practice Note: FSMA 2000 controllers regime—key concepts. For more information on the obligations of controllers and proposed controllers when acquiring or increasing control in a UK authorised firm, see Practice Note: Obligations of controllers—acquiring and increasing control.
The FCA and PRA also require UK authorised firms to notify them when a person reduces or ceases to
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